LCP acquires two UK shopping centres for £138 million
The LCP Group has embarked on it biggest retail acquisition to date with the signing a £138 million deal for two UK shopping centres.
The group is buying Wales’ largest shopping centre, the Cwmbran Centre, and the Galleries shopping centre in Sunderland’s Washington from M&G Real Estate.
This means LCP’s retail acquisitions over the past 12 months have climbed to a record £300 million.
James Buchanan, managing director of LCP, said: “Despite the challenges over the past few years in the retail sector – and the last 21 months of dealing with Covid-19 adding yet more difficulties – we remain confident there is a positive future for the UK retail sector and that it continues to be buoyant.
“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.”
Spanning 740,000 square feet with 180 retail units, Cwmbran Centre is anchored by Asda and also has a 48,000 square foot Primark store. Other brands with a presence at the centre include JD Sports, River Island, Superdrug, New Look and Deichmann. The sale also includes four office blocks.
Meanwhile, The Galleries has more than 200 units over 535,000 square feet and is anchored by Asda and Sainsbury’s. It also features a retail park area which has 16 retail units housing the likes of Aldi, Matalan and River Island.
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