LCP buys retail park in Grimsby
The subsidiary of M Core has bought the largest retail warehouse park in Grimsby from Columbia Threadneedle.
LCP acquired Alexandra Retail Park for an undisclosed sum from the institutional vendor, as part of its proactive acquisition drive in shopping parades, centres and retail parks across the UK.
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The 125,700 sq ft retail park comprises eight units, with tenants Matalan, SCS, The Food Warehouse, My Energi, Argos, Pets at Home and Poundstretcher. There are also about 560 parking spaces for shoppers.
James Buchanan, LCP group managing director, said: “Our asset management team is working hard to identify sites that have potential for us to add value, provide good value for money for tenants, a great shopping experience for local people and a good return on our investment.”
He added: “M Core has already invested more than £100m in the first half of 2023. We continue to believe this is a strong and positive market to be in and because we have healthy cash reserves, we can move swiftly when we want to complete a transaction.”
Barry Flint, LCP director and asset manager at Alexandra Retail Park, added: “Alexandra Retail Park is well positioned in the town and has a strong tenant line-up. We’ll be exploring options over the next few weeks to see how we can add to it further.”
M Core has invested £160m over 12 months in 25 retail centres. Major acquisitions include Cwmbran Centre; The Galleries in Washington, Sunderland; and Three Spires in Lichfield. M Core still has £300m available to invest in assets ranging from £500,000 to £30m and portfolios up to £150m, and is actively seeking sites for acquisition.
LCP was advised by Catherine Gunz at Osborne Clarke; ESH acted for LCP. Savills and Gowling WLG (UK) LLP acted for Columbia Threadneedle.
Letting agents on the park are Henry Phipps of Edgerley Simpson Howe and Duncan Wiley of PPH Commercial.