M Core pays £35m for UK retail portfolio

The portfolio comprises a combination of eight retail parks and convenience stores in England and Scotland

M Core pays £35m for UK retail portfolio

M Core ,a privately held commercial property collective in the UK, has purchased a multi-retail centre portfolio for £35 million.

The Harrier portfolio comprises a combination of eight retail parks and convenience stores in England and Scotland, with 18 occupiers spread across more than 334,000 sq ft.

The portfolio, located in the Midlands, South, North West, North East and in Dumfries, South West Scotland, will be managed by national commercial property and investment company LCP, which is part of M Core.

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 are proactively seeking out opportunities across the country, with funds of £300 million available to invest in assets ranging from £1 million to £100 million.”

The dominant centre in this portfolio acquisition is Antelope Retail Park, a multi-let retail park near Southampton that extends to nearly 138,000 sq ft. It is anchored by strong performing, national retailers including The Range, Lidl, Ninja Warrior, KFC Drive-Thru, The Gym, Greggs and Costa Coffee.

It has also added Meynell Road Retail Park, Darlington, a 28,866 sq ft shopping park with B&M and McDonalds. The portfolio also comprises: a 37,005 sq ft Matalan store, St George’s Way, Newport, Isle of Wight; Morrisons, Parkgate Road, Coventry; The Range, Leafield Street, Dumfries; Wickes, Moor Street, Bury; Co-op store in Fylde Road, Southport; and Co-op, Gloucester Road, Malmsbury.

M Core has invested more than £560 million in 90 shopping centres, retail parks and convenience parades in the last three years alone across the UK. Notable acquisitions include Weavers Wharf, a 220,000 sq ft retail park in Kidderminster; M Park Central 12, a dominant tourist destination in Southport; and The Viking Centre, a regional retail centre in Jarrow Tyne and Wear, which is anchored by Morrisons, Boots and B&M.

Other major retail centres in its overall portfolio include Grosvenor Shopping Northampton, a 319,048 sq ft prime retail, leisure and events centre and M Park Alexandra, a modern 125,695 sq ft retail park in Grimsby, Lincolnshire, which is anchored by Matalan, SCS, Iceland, Poundstretcher and Pets at Home.

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