M Core, a large privately-held commercial property portfolio, has bought The Mall in Bar Hill, Cambridge, UK, for an undisclosed sum.
This 29,904 square foot, 13-unit retail centre at Viking Way is anchored by Tesco Extra. Among other tenants are Costa Coffee, Ladbrokes, and Card Factory.
M Core has acquired 25 new retail centres in the last year, investing over £160 million, and has £300 million available for further investment opportunities.
James Buchanan, Group Managing Director of LCP Group, which is part of M Core, said: “We’ve had an extremely busy year, acquiring 25 new retail parades and shopping centres as part of our long-term strategic plan to invest in the retail sector.
“The Mall is already well occupied but there is significant opportunity to improve the tenant mix, which would provide local shoppers with even more choice on their doorstep.
“With the town project of Northstowe taking place nearby, we are confident that The Mall will continue to thrive and our asset managers are already working hard to explore options.”
LCP Group has £300 million available to invest for assets ranging from £500,000 to £30 million as well as portfolios up to £150 million and is actively seeking sites for acquisition.
The centre will be managed by LCP Asset Manager George Kearney, with William Wynn-Williams from Somerford Real Estate acting as the agent for the acquisition and Osborne Clarke serving as the solicitor. The vendor was represented by Bidwells.
In the past 12 months alone, the LCP Group has acquired 25 centres, including Cwmbran Centre, Cwmbran; The Galleries, Washington, Sunderland; Aviemore Retail Park, Aviemore; and also Three Spires in Lichfield.
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