Property group unveils £200m investment plan
BLACK Country property group, LCP, has announced plans for a £200m investment into its portfolio – including new acquisitions.
The plan is to ensure the continued growth of the business during 2017 and follows a £98m investment in its commercial property portfolio last year.
LCP, one of the UK’s leading property investment and management companies, will invest the money in both its retail and industrial properties.
Last year, the company invested in 41 sites, totalling 875,000 sq ft, across the UK, the largest of which was the £23.34m Blossom portfolio, comprising 216,000 sq ft across 14 sites.
The Blossom portfolio, which comprises high street stores and neighbourhood shopping parades, brought LCP’s investment in retail properties to more than £103m at the time of its acquisition last summer. The retail units, which stretch from Bournemouth in the south to Chorley, Lancashire, in the north, include major high street names such as Specsavers, Superdrug, KFC and Iceland.
James Buchanan, investment director, said: “The past two years have seen LCP undertake significant investment, with a heavy focus on neighbourhood shopping parades, which are vital community assets.
“We are actively identifying opportunities that have potential for improvement and that offer the best value in terms of investment and yields. Once we acquire sites, we are committed to improving them and redeveloping them if necessary for the benefit of local communities.
“We will continue to acquire more sites in 2017 and are looking forward to delivering the same high level of asset management to our tenants.”
LCP has more than 410 sites, with 3,500-plus tenants and over 15m sq ft of property.
