LCP acquires Kidderminster retail park from Nuveen
LCP has acquired Weavers Wharf Shopping Park in Kidderminster from Nuveen Real Estate for an undisclosed sum.
The 220,000 sq ft retail park is located nearby to the town centre and is home to tenants including Marks & Spencer, Next, TK Maxx, Café Nero, Boots, Sport Direct, McDonalds, and TruGym.
A Premier Inn is also located on the site.
LCP, a commercial property and investment company which is part of M Core, said the purchase is part of its “proactive acquisition drive” in retail assets across the country. Its recent purchases include Cwmbran Centre, Cwmbran; The Galleries, Washington; and Three Spires, Lichfield.
The group said it has £300 million available to invest is actively seeking sites for acquisition.
James Buchanan, LCP group managing director, said “This significant investment demonstrates our appetite for acquisition and our focus on intensive asset management, where we want to realise opportunities for adding value.
“As well as achieving a good return on our investment, we’re committed to improving our retail estate, providing better value for money for tenants and, where there are voids, attracting good-quality brands, ensuring a better shopping experience, and, of course, helping to bring jobs.”
Simon Eatough, director of landlord and tenant at LCP, will lead the asset management team at the scheme.
LCP’s solicitor was Catherine Gunz at Osborne Clarke while Simon Lewis at Lewis Ellis acted as agent. Nuveen’s agent was Paul Williams at Morgan Williams and its solicitor was Chris Swallow at K&L Gates.