Darlington shopping centre picked up by M Core
Meynell Road Retail Park, one of eight assets traded in a £35m portfolio sale, will now come under the management of LCP as the buyer declared its intent for more acquisitions.
Privately owned retail investor M Core, which last month bought the Viking Centre in Jarrow through its Evolve Estates business, said the eight assets making up the Harrier portfolio include retail parks and convenience stores in England and Scotland.
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.”
The Harrier portfolio covers 18 occupiers spread across more than 334,000 sq ft.
Buchanan continued: “This year alone M Core has invested more than £125m 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 £300m available to invest in assets ranging from £1m to £100m.”
Occupiers at Meynell Road are B&M and McDonalds.
The dominant centre in the portfolio acquisition is the 138,000 sq ft Antelope Retail Park in Southampton, with further assets in Coventry, Dumfries, Bury, Southport, Malmesbury and on the Isle of Wight.
M Core has invested more than £560m in 90 shopping centres, retail parks and convenience parades in the last three years across the UK.
Osborne Clarke and Morton Fraser MacRoberts acted on legal advisory in their respective jurisdictions, while Allsop advised M Core on the purchase.
Law firm Knights and Knight Frank acted for the vendor.