Focus AM makes second UK acquisition with Fife shopping centre purchase
Focus Asset Management’s Focus Estate Fund has acquired its second retail in the UK, with the purchase of The Kingdom Centre in Glenrothes, Fife.
The 428,000 sq ft asset is situated in a prime location and let to tenants including Royal Bank of Scotland, Home Bargains, Boots, WH Smith, Greggs, Superdrug, Iceland, Costa, and Poundland.
The acquisition follows the fund’s first foray into the UK, with the purchase of Island Green Retail Park in Wrexham.
Maxim Shkolnik, general partner of Focus Estate Fund, said: “We are thrilled to welcome the Kingdom Shopping Centre into the Focus Estate Fund family. Recognising the significant potential of the Kingdom Shopping Centre, we envision its growth in alignment with the city’s development. As Glenrothes thrives, we are dedicated to enhancing the shopping centre in collaboration with local authorities, creating a vibrant hub for residents, visitors, and tenants alike.
“Our mission is to continuously improve and innovate, establishing it as the premier destination for shopping, leisure, and community engagement. In line with our commitment to sustainability, the integration of the Kingdom Shopping Centre into our portfolio marks the beginning of a transformative journey. We are committed to transitioning all our shopping centres to solar-powered facilities, demonstrating our unwavering dedication to promoting a greener and more sustainable future.”
Gordon Mole, head of business and employability, Fife Council, added: “Fife Council welcomes confirmation of the purchase of the Kingdom Shopping Centre by Focus Estate Fund, and will work closely with the fund and its agents to ensure that the centre aligns with investments made in the town centre and at Riverside Park, creating a destination for residents and visitors, and supporting the drive for continued regeneration and addressing Fife’s climate emergency.”
The vendor was advised by Knight Frank. Cushman & Wakefield acted for Focus Estate Fund.
Following the acquisition, Focus Estate Fund’s total portfolio now encompasses 9 assets. The gross leasable area has expanded to comprise over 1,678,000 square feet.