Acquisition of Retail Assets

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£20m+ Sale Value
Retail Sector
3 Shopping centres

We worked with Evolve Estates to highlight an opportunity for growth within their portfolio that required extensive asset management.


Acquisition of a portfolio of retail assets off-market. To achieve a successful outcome the portfolio required extensive asset management including new lettings, lease rehears and opportunistic asset sales.

How did Cited help?

Cited reported on the opportunity and, along with the client, inspected the nationwide assets. Locations stretched from the south-west Plymouth to the north-east Jarrow.

Through a direct engagement with the Vendor and their advisors, the portfolio was agreed off-market. Once agreed, the assets were analysed and the risks and opportunities were identified, with these then delegated the appropriate Cited team member for assistance.

Cited supported our client through the purchase and we were delighted to have delivered new lettings and also secured several key lease extensions with tenants including Go Outdoors and Poundland. In addition, Cited identified an opportunity to dispose of one of the assets at an attractive premium to the purchase price, and this was negotiated and completed successfully alongside the portfolio purchase.

What was the result for the client?

The client has secured an eclectic mix of assets at an attractive blended price and net initial yield. Through the efforts of the Cited team, the performance of the portfolio has been enhanced thanks to key asset management initiates being executed alongside the purchase.

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"Our involvement on this asset stretches back to 2017 when we helped AEW on the acquisition. Since then our team have remained involved, helping to bring new life to the parade with occupiers including Specsavers and Kokora. It was a pleasure to be asked to assist on the sale, and to achieve such a fantastic price, some 25% ahead of valuation, was a great way to complete the story."

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AEW Bradley Maher - Director

"This was a complicated purchase of multiple assets located nationwide. The challenge was largely the appeal, as we could see real value creating potential in this portfolio. Once we had agreed the purchase, off-market, we helped our client prioritise the most attractive value-enhancing asset management. Cited's existing relationships with occupiers and the agency community helped us significantly improve the purchase metrics ahead of the purchase completion."

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Evolve Estates Bradley Maher - Director

"Cited are committed to deliver on Claire’s business plan of 10+ new stores a year in the UK, entering new locations, as well as relocating existing stores. At Cited, we pride ourselves on our ‘hands on’ approach to work. From identifying new store opportunities on town trips, negotiating terms, through to completion, we ensure we are there every step of the way to advise our client as best as possible. "

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Claire’s Accessories Josh Gettins - Surveyor
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