UK-based private commercial property collective M Core has completed the acquisition of a multi-retail center portfolio for £35 mln (€40 mln)
The portfolio includes eight retail parks and convenience stores with 18 occupiers spread across more than 31,030 m2. The properties are located in the Midlands, South, North West, North East, and Dumfries, South West Scotland.
The dominant center in the acquisition is Antelope Retail Park, a 12,821 m2 multi-let scheme near Southampton that is anchored by strong performing, national retailers, such as The Range, Lidl, Ninja Warrior, KFC Drive-Thru, The Gym, Greggs, and Costa Coffee.
M Core has also acquired 2,862 m2 Meynell Road Retail Park in Darlington; a 3,438 m2 Matalan store in Newport, Isle of Wight; a Morrisons in Coventry; The Range in Dumfries; Wickes in Bury; a Co-op store in Southport; and a Co-op in Malmesbury.
LCP Group managing director, James Buchanan, said: ‘We could not let up this exceptional opportunity to acquire such a high-quality, multi-site portfolio, spanning much of the UK. These assets include significant retail destinations in affluent locations, of a size, scope, and social impact that supports our investment goals. We are excited by the potential to deliver enhanced returns through management and improvement, building on the portfolio’s existing mix of well-performing national occupiers and retailers. This year alone M Core has invested more than £125 mln in a wide range of retail across the country, and we remain highly active in acquisitions.’
The portfolio will be managed by LCP, a national commercial property and investment company that is part of M Core.
Osborne Clarke, Morton Fraser MacRoberts, and Allsop advised M Core, while Knights and Knight Frank acted for the vendor.
The acquisition is part of M Core's expansion drive, which has seen the company invest more than £560 mln (€640 mln) in 90 shopping centers, retail parks, and convenience parades in the last three years across the UK. The company has funds of £300 mln (€343 mln) available to invest in assets ranging from £1 mln (€1.1 mln) to £100 mln (€114 mln).
