Commercial property company the LCP Group has announced the signing of two UK shopping centres in a substantial 138 million pound deal.
The group, which already has an extensive retail portfolio of 394 sites, has now bought Wales’ largest shopping centre, Cwmbran Centre, and the Galleries shopping centre in Washington, Sunderland.
It will take the group’s retail acquisitions over the past 12 months to a total of 300 million pounds throughout 35 takeovers, with this most recent deal the biggest acquisition to date for the company.
In a statement, the group’s managing director, James Buchanan, said that despite covid-related challenges, the company is remaining confident that there is “a positive future for the UK retail sector”.
He added: “The past 12 months have demonstrated that we are serious about investing in and adding to our retail portfolio. We are excited about the prospects for 2022 and continue to actively seek opportunities across the country.”
Cwmbran Centre consists of 180 retail units spanning 740,000 square feet, including Primark, Asda, JD Sports and River Island. The sale also includes four office blocks.
The Galleries takeover involves the shopping centre, holding over 200 units through 535,000 square feet, and the adjacent Galleries retail park consists of 16 retail units.