US investor buys in Gateshead
Published: 27 May, 2014
Karlin Real Estate acquires Gateshead retail for £8.55m Karlin Real Estate has acquired a 97,935-sq ft retail project in Gateshead from UK-based Reef Estates for £8.55m. The project marks Karlin’s first retail acquisition in Europe since it entered the market in August 2013.
Comprised of two recently renovated, two-storey buildings, the asset includes: Jackson House, a 19th Century building, and the 1960s-era New Century House. The buildings are located at Jackson and West Streets, opposite the town’s main transport hub, Gateshead Interchange. Together, the buildings feature 75,000 sq ft of street level retail and 22,000 sq ft of office and medical space. The retail space is fully leased to a strong roster of tenants, including national retailers Halifax Bank (Bank of Scotland), Argos, JD Wetherspoon, PureGym, and Peacocks. The office component is renovated and currently 52 per cent leased.
“Gateshead is the first of several retail assets in the UK and Ireland that we are looking to add to our portfolio in the next several months,” said Karlin’s managing director. “Its balanced tenant roster and location across from the Gateshead Interchange and adjacent to the new Tesco-anchored Trinity Square is attractive to us.”
Karlin currently holds a European portfolio of approximately 850,000 sq ft and plans to invest up to £600m in European commercial real estate assets through both its debt and equity platforms.[/fusion_text]