M Core has completed the acquisition of a multi-retail centre portfolio, for €40m. The Harrier portfolio comprises eight retail parks and convenience stores across England and Scotland.
The portfolio consists of properties housing 18 businesses and covers more than 31,029m2 located in the Midlands, North West, North East and South of England and Dumfries, South West Scotland. The properties will be managed by LCP, which is part of M Core.
The main asset in the portfolio is Antelope Retail Park, a multi-let scheme close to Southampton that covers nearly 12,820m2. The park’s current tenants include Lidl, Greggs, The Range, KFC Drive-Thru and Costa Coffee.
The other properties include Meynell Road Retail Park in Darlington; The Range on Leafield Street in Dumfries; Wickes on Moor Street in Bury; a 3,438m2 Matalan store on St George's Way, Newport, Isle of Wight; a Morrisons on Parkgate Road, Coventry; and two Co-op stores in Southport and Malmesbury.
James Buchanan, LCP group managing director, commented: "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.”
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