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Cwmbran Center. Credit: LCP

LCP acquires two major retail assets for €165 million

LCP Group has kicked off 2022 with its biggest retail acquisition to date, signing a €165 million deal for two UK shopping centers.

Buying the Cwmbran Center (largest shopping center in Wales), and the Galleries shopping center in Washington (Sunderland) from M&G Real Estate, totals the group’s retail acquisitions over the past 12 months to over €360.7 million.

James Buchanan, Managing Director of LCP, said: “Despite the challenges over the past few years in the retail sector – and the last 21 months of dealing with Covid-19 adding yet more difficulties – we remain confident there is a positive future for the UK retail sector and that it continues to be buoyant. We had an exceptionally busy 2021, with 35 acquisitions in the local convenience and retail sector.

We are excited about the prospects for 2022 and continue to actively seeking opportunities across the country, with over €360 million available to invest for assets ranging from €1.2 million to €120 million.”

Cwmbran Center has 180 retail units over 68,748 sq m, including a 4,459 sq m Primark, and is anchored by a 9,290 sq m Asda. Other leading brands include JD Sports, River Island, Superdrug, New Look, and Deichmann. Moreover, there are 3,000 free car parking spaces and a dedicated bus station.

The Galleries acquisition comprises the Galleries Shopping Center, which has more than 200 units over 49,703 sq m, anchored by Asda (10,776 sq m) and Sainsbury’s (14,678 sq m), and the adjacent 14,678 sq m Galleries Retail Park, which has 16 retail units, including Aldi, Matalan, and River Island.

The shopping center has 2,500 free car parking spaces and a dedicated bus station, while the retail park has 600 car parking spaces.

JLL acted for LCP, and Osborne Clarke acted as legal advisory.