M Core has acquired the iconic Princes Square retail development in the heart of Glasgow city centre from Redevco for an undisclosed price.
Redevco put the five-storey, Grade B listed building, which occupies a prime position on Buchanan Street, on the market last year with a reported asking price of circa £31m.
The 118,625 sq ft development comprises four self-contained retail units along Buchanan Street and an inner mall spread across five levels. Occupiers include Levi’s, Michael Kors, Office, Sweaty Betty and Everyman Cinema.
James Buchanan, managing director of LCP Group, which is part of M Core and has been appointed to manage Princes Square, said: “The acquisition of Princes Square is a fitting start to 2024. Situated in the heart of Glasgow, it boasts significant retail, food, and leisure brands. With our proven track record in focused investment and intensive asset management, we are poised to capitalise on market opportunities, enhance value, and provide excellent offerings for our tenants.”
Roddy Proudfoot, LCP director and head of its Scotland office, added: “Buchanan Street is a renowned retail and leisure destination with an annual footfall exceeding 52 million, and offers significant potential. We are already engaged in discussions with high profile potential retail and restaurant occupiers, including new entrants to the Glasgow market, and look forward to making announcements in the coming weeks.”
JLL and MacRoberts advised the purchaser Sheet Anchor, which is part of M Core. Savills, Sheridan Keane and Dentons advised Redevco.
