M Core acquires Scottish district centre

Commercial property collective M Core has acquired Westhill District Centre, near Aberdeen, in its second significant acquisition in Scotland this year.

The 61,332 sq ft centre comprises 28 retail units and six office suites, with anchor tenants including Home Bargains and an M&S Simply Food store. LCP, part of M Core, will oversee the management of the district centre.

The news follows M Core’s acquisition of Princes Square in Glasgow earlier this year.

James Buchanan, managing director of LCP, said Westhill’s proximity to Aberdeen, Scotland’s third-largest city, was a catalyst for heightened foot traffic against the backdrop of a buoyant Scottish retail sector, which saw a 4.6% year-on-year sales increase as of July 2023.

M Core says it has invested over £275 million in the past 12 months across UK commercial real estate. Notable acquisitions include The Centre Livingston, Cwmbran Centre, The Galleries Washington, and Three Spires Lichfield. The group said it has £500m for investments ranging between £2m and £250m, and is actively seeking new sites for acquisition.

Simon Lewis of Lewis Ellis acted for M Core. Savills and DLA advised the vendor.