ORION EUROPEAN REAL ESTATE FUND IV, C.V, has bought Kingsgate Shopping Park in East Kilbride near Glasgow, Scotland, from Aviva Life & Pensions UK Limited.
Kingsgate provides 266,212 sqft (24,732 sqm) of retail and leisure uses. The property is 100% leased to 12 tenants including Sainsbury’s, M&S, Homebase, Next and Nike. The current net operating income is approximately £6.6 million per annum.
Kingsgate benefits from a high footfall of approximately 7.2 million visitors p.a. and is one of the most successful retail park trading locations in Scotland. The Definitive Guide to Retail & Leisure ranked Kingsgate as the 19th best shopping park in the UK and fourth in Scotland.
Aref Lahham, Managing Director of Orion Capital Managers, said: “This acquisition offers asset management scope at tenant lease expiry and the opportunity to enhance the tenant mix in line with current consumer expectations for food and fashion offers. It will build on the momentum created by recent lettings to Nike, M&S and Next, “ added Lahham.
Orion was advised by Paradigm and Aviva by Wilkinson Williams.