LCP signs two UK shopping centres for £138 million
Commercial property and investment company The LCP Group has announced its biggest retail acquisition to date, signing two UK shopping centres for £138 million.
The group is set to buy Cwmbran Centre in Wales and Galleries shopping centre in Sunderland from M&G Real Estate.
Cwmbran Centre is a shopping centre, office and leisure complex in Cwmbran, Wales. It has 180 retail units, with brands including Primark, JD Sports, River Island, Superdrug and New Look. Along with 3,000 free car parking spaces and a dedicated bus station. The sale also includes four office blocks.
The Galleries shopping centre has more than 200 units and over 535,000 sq ft, with retail stores including Boots, Clarks, Matalan and Pandora. The shopping centre also has 2,500 free car parking spaces and a dedicated bus station.
James Buchanan, Managing Director of LCP, said: “We had an exceptionally busy 2021, with 35 acquisitions in the local convenience and retail sector, but we could not let up the opportunity to acquire the Cwmbran Centre and the Galleries, which are well-performing centres that serve populations 412,000 and 822,000 respectively.
“The past 12 months has demonstrated that we are serious about investing in and adding to our retail portfolio. We are excited about the prospects for 2022 and continue to actively seeking opportunities across the country, with £300 million available to invest for assets ranging from £1 million to £100 million.”