Property giant strengthens portfolio with £35m acquisition of major retail park
Commercial property giant M Core has sealed the deal on a £35m acquisition.
The Harrier portfolio includes a mix of eight retail parks and convenience stores in England and Scotland, covering 334,000 sq ft with 18 different occupants.
Spread out across the Midlands, South, North West, North East, and Dumfries in South West Scotland, this portfolio is now under LCP, a national commercial property and investment company that’s part of the M Core family.
At the core of the portfolio is Antelope Retail Park, a retail hub located near Southampton that spans almost 138,000 sq ft. It’s home to retailers such as The Range, Lidl, Ninja Warrior, KFC Drive-Thru, The Gym, Greggs, and Costa Coffee.
Adding to their shopping list, M Core also acquired Meynell Road Retail Park in Darlington, a 28,866 sq ft shopping spot featuring B&M and McDonald’s.
Other additions include a Matalan store in Newport, Isle of Wight, a Morrisons in Coventry, a Wickes in Bury, and Co-op stores in Southport and Malmsbury.
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 million in a wide range of retail across the country, and we remain highly active in acquisitions. Our experienced asset management teams proactively seek out opportunities across the country, with funds of £300 million available to invest in assets ranging from £1 million to £100 million.”
Legal matters were handled by Catherine Gunz, Osborne Clarke, and Kelsey Gibson from Morton Fraser MacRoberts LLP.
Jeremy Hodgson at Allsop LLP advised M Core on the purchase, while Knights and Knight Frank took care of vendor-side affairs.
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