M&G Real Estate has completed the sale of the Cwmbran Centre in Wales and the Galleries Shopping Centre in Washington to LCP Group, for £138m.
Cwmbran Centre has 180 shops totalling more than 740,000 sq ft, including a 48,000 sq ft Primark, and is anchored by a 100,000 sq ft Asda. Other tenants include JD Sports, River Island, Superdrug, New Look and Deichmann. It has 3,000 free car parking spaces.
The sale also includes four office blocks: Gwent House, Powys House, Glyndwr House and Pendragon House.
The Galleries has more than 200 shops totalling over 535,000 sq ft. It is anchored by a 116,000 sq ft Asda and 158,000 sq ft Sainsbury’s. The deal included the adjacent 158,000 sq ft Galleries Retail Park, which has 16 stores, including Aldi, Matalan and River Island.
The shopping centre has 2,500 free car parking spaces and a bus station, while the retail park has 600 car parking spaces.
LCP said it continues to actively seek acquisition opportunities across the country, with £300m available to invest in assets ranging from £1m to £100m.
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.”
Including this deal, LCP has spent £300m on retail acquisitions over the past year.
JLL acted for LCP on the acquisition.
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Photos from LCP
