Black Country property company secures £5m Scottish retail deal

A BLACK Country property company has continued its retail expansion with a £5m acquisition deal in Scotland.

Kingswinford-based London & Cambridge Properties has purchased Govan Cross Shopping Centre in Glasgow after it was appointed to manage the development.

The deal sees LCP take on 21 fully-occupied retail units at the 65,295 sq ft centre.

The acquisition follows LCP’s retail splurge in July when it splashed out £23.34m acquiring the Blossom portfolio, which comprises 14 retail sites around the UK totaling approximately 216,000 sq ft.

James Buchanan, investment director at LCP, said: “We are committed to growing our property portfolio and the Govan Cross acquisition provides us with yet another excellent opportunity for our proactive asset management team to use their expertise to add further value.”

The deal may not be the last as LCP said it continued to seek high yielding investment property acquisitions in the UK.
 
It said it was constantly monitoring the market and acquisitions were undertaken where there were real opportunities to enhance returns using LCP’s intensive management approach.

Its target is commercial property portfolios of between £500,000 and £150m.

Govan Cross Shopping Centre is a neighborhood shopping centre located three miles west of Glasgow city centre. Tenants include Home Bargains, Greggs, Peacocks, Iceland and Subway.