M Core acquires The Forum in Wallsend
The 190,000 sq ft shopping centre will be managed by Sheet Anchor Evolve, a subdivision of the property investment group.
As part of the deal, M Core also bought the 94,000 sq ft Newkirkgate retail centre in Leith, near Edinburgh.
The site was acquired from NewRiver with Prime Retail the agent on the deal, for which no cost has been disclosed.
The Forum was developed by Seymour Harris and Partners in 1966. The centre has 47 units and counts Aldi, Boots, Iceland, Home Bargains, Specsavers, and Greggs as tenants.
Sheet Anchor Evolve will focus on regenerating the site, with plans to enhance the tenant mix and reduce vacancy through targeted investment.
Danny O’Keefe, Co-Founder at Sheet Anchor Evolve, said: “Both The Forum and New Kirkgate play an important role in their communities, and we see great potential to reposition and enhance these assets.
“With our in-house expertise in asset and property management, leasing and development, we’re confident we can create destinations that work for occupiers and customers alike.”
