Evolve Estates has bought the Bridges shopping centre in Sunderland from AEW for around £24m, a fraction of the £152m AEW paid when it bought the asset from Landsec in 2015.
The 595,000 sq ft Bridges is Sunderland’s largest retail space with nearly 100 shops. Primark, Next and TK Maxx are anchor tenants, occupying a significant portion of Sunderland’s retail space.
The acquisition of the centre is part of Evolve Estate-owner M Core’s strategy to purchase shopping parades, centres and retail parks to expand its UK portfolio.
