Evolve Estates, part of M Core, has acquired Billingham town centre in County Durham as part of its strategic investment into the retail sector.
The 320,000 sq ft open-air retail scheme is a dominant retail destination within the region, with anchor tenants including Asda, B&M, and Aldi.
Attracting a total footfall of around 70,000 per week, the town centre contains over 90 retail units – 10 of which are currently vacant – and 673 car park spaces.
The town of Billingham is located just outside of Middlesbrough and Stockton-on-Tees, and has a residential population of 80,000.
Danny O’Keefe, founding partner at Evolve Estates, said: “Billingham shopping centre is a community focal point, aligning perfectly with our mission to enhance these essential retail hubs for the benefit of local residents and visitors.”
Evolve Estates said its team of asset managers is already in talks with both national brands and local traders that are eager to elevate their businesses.
Bradley Maher at Cited Property acted for Evolve, whilst James Pearson at Four & Co acted as agent for the vendor.
M Core has invested over £200m into the market over the last 12 months, with notable acquisitions including the Livingston Centre in Scotland, Grosvenor Shopping Centre in Northampton, and Parc y Llyn in Aberystwyth.
The group said it has £300 million earmarked for further investments, ranging between £500,000 and £30 million, and portfolios up to £150 million.