Focus Estate Fund finalizes acquisition of Kingdom Shopping Center, its second asset in the UK

This strategic investment signifies the fund’s second foray into the UK market and reaffirms its dedication to expanding its global portfolio. The Kingdom Centre boasts a total Gross Internal Floor Area (GIA) of 428 000 square feet (approx. 40,000 square meters) of retail space planned across a mall. Situated in a prime location and boasting a strong tenant mix, including Royal Bank of Scotland, Home Bargains, Boots, WH Smith, Greggs, Superdrug, Iceland, Costa, and Poundland, the centre stands as a cornerstone of retail activity in Glenrothes and the surrounding region.

The vendor was advised by Knight Frank. The acquisition was supported by Joshua Vernon, Cushman & Wakefield, on behalf of Focus Estate Fund.

Maxim Shkolnik, General Partner of Focus Estate Fund, commented on the recent acquisition, stating „We are thrilled to welcome the Kingdom Shopping Centre into the Focus Estate Fund family. Recognizing the significant potential of the Kingdom Shopping Centre, we envision its growth in alignment with the city’s development. As Glenrothes thrives, we are dedicated to enhancing the shopping centre in collaboration with local authorities, creating a vibrant hub for residents, visitors, and tenants alike. Our mission is to continuously improve and innovate, establishing it as the premier destination for shopping, leisure, and community engagement. In line with our commitment to sustainability, the integration of the Kingdom Shopping Centre into our portfolio marks the beginning of a transformative journey. We are committed to transitioning all our shopping centres to solar-powered facilities, demonstrating our unwavering dedication to promoting a greener and more sustainable future.”

Gordon Mole, Head of Business & Employability, Fife Council, noted „Fife Council welcomes confirmation of the purchase of the Kingdom Shopping Centre by Focus Estate Fund, and will work closely with the Fund and its agents to ensure that the centre aligns with investments made in the town centre and at Riverside Park, creating a destination for residents and visitors, and supporting the drive for continued regeneration and addressing Fife’s climate emergency.”

With this latest addition, the total portfolio of Focus Estate Fund now encompasses 9 assets. The gross leasable area (GLA) has expanded to over 1,678,000 square feet.

Focus Estate Fund – a private equity real estate investment fund focusing on non-prime value-added retail properties. The Fund’s strategy is to invest in the existing mid-market convenience retail properties in Europe’s most dynamic markets.

The Kingdom Shopping Centre, located in the heart of Glenrothes, stands as the premier indoor shopping complex in Fife. Spanning approximately 40,000 m2 (428,000 sq ft) of (gross) floorspace, it offers a spacious and diverse retail environment for shoppers.With over 100 shop units, cafes, the town’s central library, and the Rothes Halls theatre and civic centre, it serves as a vibrant retail and commercial hub. Key anchor tenants include including Royal Bank of Scotland, Home Bargains, Boots, WH Smith, Greggs, Superdrug, Iceland, Costa, New Look, CEX, JD Sports, and Poundland. Additionally, the centre features a variety of independent retailers, food outlets, and service providers, offering a diverse shopping experience. Ample parking space for approximately 1,500 vehicles further contributes to the accessibility and convenience of the shopping experience. The Glenrothes bus station is conveniently situated next to the southeast end of the centre, facilitating easy access for shoppers.