Time Equities, Inc. announced that, along with London-based real estate investment firm, Greenridge Investment Management, the company has acquired a 128,000 s/f retail park, Bolton Shopping Park, for $21 million.
Acquired from M&G Real Estate, the purchase represents TEI’s second deal with Greenridge as they acquired Inshes Retail Park in Inverness, Scotland together earlier this year.
Located in a major regional center in the northwest of England, and just outside of Manchester City, Bolton Shopping Park is well positioned as it sits in between a highly trafficked corridor with three of the UK’s largest grocery operators – Aldi, Sainsbury’s and Morrison’s. Currently, the property is occupied by eight retail tenants including Decathlon, TK MAXX, Home Bargains, Argos Limited, and Boots UK Limited, to name a few.
“This acquisition is a continuation of our expansion in the United Kingdom. We are excited to close on our second joint venture with Greenridge, and we expected to find more opportunities over the coming year to grow our partnership.” stated Aaron Medeiros, Director of Acquisitions and Policy at TEI.
“The disruptions created by Brexit and the pandemic provided us the opportunity to finally enter the UK market which we had been monitoring for the past few years. We were particularly attracted to the transparency and stability of the UK real estate market”
Founded by Francis Greenburger in 1966, New York based Time Equities portfolio comprises 327 properties across 33 states, five Canadian provinces, Anguilla, Germany, Italy, the Netherlands, and Scotland, the TEI portfolio benefits from a diversity of property types, sizes and markets. There are concentrations in the Northeast, Southeast, Midwest and West Coast of the U.S., and new markets around the world are always being evaluated.