Evolve Estates, the national commercial property and investment company, has continued with its investment ambitions by acquiring a retail parade in Chippenham.
It agreed to buy Borough Parade for an undisclosed amount from U+I Group plc and it comes just weeks after the company secured Three Spires Shopping Centre in Lichfield, which was its biggest retail acquisition of 2022.
The outdoor parade has 27 retail units over 81,823 sq ft and is anchored by Waitrose. Tenants include New Look, Caffè Nero and JD Wetherspoons.
The latest acquisition means the company is projected to have invested £45m by the end of H1 2022.
Danny O’Keefe of Evolve Estates, said, “We have made a string of strategic acquisitions this year and are committed to continue investing in community retail centres and parades where we believe we can add significant value to.
“Chippenham’s Borough Parade is a thriving community centre where independent boutiques and restaurants nestle among some well-known national names. Our asset management team is already investigating ways of attracting tenants to the available units and we hope to make announcements in the near future.
“Retail remains a great sector to invest in and we are excited to take Borough Parade into our growing portfolio.”
Evolve has a UK-wide portfolio value in excess of £300 million and this acquisition is the latest in a line of retail purchases in recent months. In the past quarter alone, it has acquired multiple assets throughout the UK, boosting its portfolio in the key area of convenience parades and local centres. These include Units 1-8 Exchange Walk and 5-7 St Peter’s Gate Wells, in Nottingham.
Clarke Willmott completed the transaction for Evolve and U+I Group plc’s solicitor was Osborne Clarke.
For details about opportunities at Borough Parade, contact Guy Robinson on firstname.lastname@example.org.