London, 2016-Jul-07 — /EPR Retail News/ — Erith Riverside Shopping Center becomes part of Evolve Estates Ltd’s growing UK investment portfolio that now stands at over £190m in value and includes over 60 properties.
Evolve Estates have purchased the long leasehold on the shopping center, the freehold of which is owned by the London Borough of Bexley.
The purchase comes just months after the London Borough of Bexley was successful in securing regeneration funding from the Greater London Authority for a number of projects to improve Erith town centre.
Sebastian Macdonald-Hall, Director of Evolve Estates says “We are excited for this opportunity to work with the local council as part of the regeneration of Erith town centre. We are keen to make improvements to the tenant mix and want to actively manage the asset to improve the town center, which will benefit the local community and our business.”
Julian Diamond, LCP asset manager, said: “We have a close working relationship with Evolve Estates, and our wealth of experience in the retail property sector means we can manage Erith Riverside Center proactively to deliver benefits for the local community, the tenants, and for Evolve Estates.”
Gill Steward, Bexley’s Chief Executive, says “We are excited about Erith’s potential and the purchase of the shopping centre by Evolve is a positive step. We hope to work with them in the coming months and years as the regeneration program for the town gets into full swing.”
Ben Tyack, Director at Savills, who advised Evolve Estates on the Erith acquisition, says: “We were delighted to secure this asset on behalf of Evolve Estates in what was a competitive bidding process. There are still areas in London and the south-east with good growth potential into the medium term, this being a prime example.”
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Source: London & Cambridge Properties