Evolve Estates expands its portfolio by acquiring Beaumont Leys, an open-air shopping centre in Leicester, in a joint venture with M Core.
"Our team will build on the success, ensuring the asset continues to serve the local community with a variety of tenants that meet demand".
Sebastian McDonald-Hall, Partner at Evolve,
Evolve Estates, part of commercial property and investment collective M Core, has acquired Beaumont Leys, a successful community shopping centre in a high-growth suburb in Leicester. The 10-acre site is the dominant local retail offer within the area, serving a significant residential population of 670,000 people. The acquisition is a joint venture with M Core.
The shopping centre has recently benefitted from significant capital investment, including developing a drive-through Starbucks, further boosted by B&M committing to the former Wilko unit on a 10-year lease.
This community asset serves residents’ requirements for convenience shopping and Evolve will use its expertise in this sector to manage the asset, working the tenant mix while optimising the centre for the local community’s needs.
This latest acquisition demonstrates Evolves’ expertise in identifying opportunities to buy and manage convenience-led assets in areas where they can build on successes and leverage further opportunities from local investment.
Beaumont Leys is anchored by Tesco Extra and Aldi, with key tenants B&M, McDonald’s, Poundland, and Boots. The shopping centre is a highly accessible amenity for locals and visitors from further afield. There are three car parks, which provide 1500 free car parking spaces and 12 EV charging points. Beaumont Shopping Centre is well-served by public transport and is easily accessible by regular bus services from Leicester city centre.
Sebastian McDonald-Hall, Partner at Evolve , said: “The shopping centre is perfectly positioned for the local community; Beaumont Leys is a key district within Leicester and is home to several attractions that contribute to its vibrant life.
Beaumont Leys is experiencing significant investment and residential development, and the area is a focal point for new housing projects that serve the wider Leicester area.
Our team will build on the success, ensuring the asset continues to serve the local community with a variety of tenants that meet demand.”
The deal was brokered by Evolve on behalf of the purchaser L&C Investments Ltd and will be managed by Evolve.
James Stratton, Savills and Tim Lloyd, Cited acted for Evolve.
Will Lund, Knight Frank and Steven Lewis, Lewis and partners acted for the vendor.
