London & Cambridge Properties (LCP) has added 19 sites to its UK convenience retail portfolio for £36.6 mln (€50.9 mln).
London & Cambridge Properties (LCP) has added 19 sites to its UK convenience retail portfolio for £36.6 mln (€50.9 mln).
The addition of the Navigation portfolio to the Local Convenience Parades division of LCP brings its investment in small neighbourhood centres to more than £110 mln this year.
LCP, a privately owned firm headquartered in the West Midlands town of Kingswinford, has a target of investing £100 mln a year in local parades over the next five years.
The new portfolio, acquired from commercial property consultants Mason and Partners, comprises 19 sites that stretch from as far north as Kilsyth, North Lanarkshire, down to Worthing, West Sussex. Five are located in town centres.
The portfolio includes mainly freehold sites with 171 retail units, totalling 24,000 m2, with an average unexpired lease term of 8.5 years.
Tenants include a mixture of Tesco Express and Sainsbury’s local as well as a range of independent retailers and service providers.
'The local and convenience shopping sector has become an increasing focus for us. This portfolio offers LCP numerous asset management opportunities, including redevelopment,' said James Buchanan, investment director at LCP.
'Most of the centres are fully let and are thriving, however, as a pro-active property investment company we will now be looking at how we can further improve the sites. We are actively seeking more sites and welcome all introductions,' Buchanan added.
LCP's Local Convenience Parades has a portfolio of more than 240 retail sites and 1,900 retail units across the UK.