The Focus Estate Fund has completed the purchase of its second shopping centre in the UK.
Following its initial venture in Wrexham, the European property management company has acquired the Kingdom Centre in Glenrothes.
This has 428,000 square feet of retail space, with tenants including Royal Bank of Scotland, Home Bargains, Boots, WH Smith, Greggs, Superdrug, Iceland, Costa and Poundland.
With more than 100 shop units, cafes, the town’s central library, and the Rothes Halls theatre and civic centre, the Kingdom Centre also has parking space for approximately 1,500 vehicles, with Glenrothes bus station next door.
The vendor was advised by Knight Frank and the deal was supported by Joshua Vernon from Cushman & Wakefield on behalf of the fund.
Maxim Shkolnik, general partner of Focus Estate Fund, commented: “Recognising the significant potential of the Kingdom Shopping Centre, we envision its growth in alignment with the city’s development.
“As Glenrothes thrives, we are dedicated to enhancing the shopping centre in collaboration with local authorities, creating a vibrant hub for residents, visitors and tenants alike.
“In line with our commitment to sustainability, the integration of the Kingdom Shopping Centre into our portfolio marks the beginning of a transformative journey.
“We are committed to transitioning all our shopping centres to solar-powered facilities, demonstrating our unwavering dedication to promoting a greener and more sustainable future.”
Gordon Mole, head of business &and employability at Fife Council, said: “We will work closely with the fund and its agents to ensure that the centre aligns with investments made in the town centre and at Riverside Park, creating a destination for residents and visitors, and supporting the drive for continued regeneration and addressing Fife’s climate emergency.”
With this latest addition, the total portfolio of Focus Estate Fund now encompasses nine assets.
The property-focused private equity fund buys non-prime, value-added retail properties, investing in existing mid-market convenience retail properties in “Europe’s most dynamic markets”.
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