M Core has acquired the circa 334,000 sq ft ‘Harrier’ retail portfolio for £35m. The largest centre in the portfolio is Antelope Retail Park (pictured) – a 138,000 sq ft multi-let retail park near Southampton.
The portfolio also comprises the 28,866 sq ft Meynell Road Retail Park in Darlington; a 37,005 sq ft Matalan store on St George’s Way, Newport, Isle of Wight; a Morrisons store on Parkgate Road, Coventry; The Range on Leafield Street, Dumfries; a Wickes store on Moor Street, Bury; a Co-op store on Fylde Road, Southport; and a Co-op store on Gloucester Road in Malmsbury.
The portfolio will be managed by national commercial property and investment company LCP, which is part of M Core.
James Buchanan, group managing director of LCP, 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 £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.”
Osborne Clarke and Morton Fraser MacRoberts represented M Core on the purchase. Allsop advised M Core on the purchase. The solicitor for the vendor was Knights and the agent for the vendor was Knight Frank.
