M Core completes £35m retail portfolio acquisition

M Core has completed the £35m acquisition of the Harrier portfolio, which spans over 334,000 sq ft of retail assets across England and Scotland.

The most dominant asset in the portfolio is Antelope Retail Park near Southampton, which comprises nearly 138,000 sq ft of retail space. It is anchored by national retailers including The Range, Lidl, Ninja Warrior, KFC, The Gym, Greggs, and Costa Coffee.

M Core has also added Meynell Road Retail Park in Darlington, a 28,866 sq ft asset anchored by B&M and McDonald’s.

Also included in the Harrier portfolio is a 37,500 sq ft Matalan store in Newport, the Isle of Wight, a Morrisons store in Coventry, a The Range store in Dumfries, a Wickes in Bury, and two Co-op stores in Southport and Malmesbury.

The portfolio will be managed by commercial property and investment company LCP, which is part of M Core.

LCP group managing director James Buchanan, said: “We could not let up this exceptional opportunity to acquire such a high-quality, multi-site portfolio, spanning much of the UK. These assets include significant retail destinations in affluent locations, of a size, scope and social impact that supports our investment goals.

“We are excited by the potential to deliver enhanced returns through management and improvement, building on the portfolio’s existing mix of well-performing national occupiers and retailers.

“This year alone M Core has invested more than £125 million in a wide range of retail across the country, and we remain highly active in acquisitions. Our experienced asset management teams are proactively seeking out opportunities across the country, with funds of £300 million available to invest in assets ranging from £1 million to £100 million.”

Other retail assets in M Core’s wider portfolio include retail, leisure, and events centre Grosvenor Shopping Northampton, and M Park Alexandra, a retail park in Grimsby which is anchored by Matalan, SCS, Iceland, Poundstretcher and Pets at Home.

In September, M Core continued its acquisition drive with the purchase of a retail parade in Merthyr Tydfil for an undisclosed fee.

Jeremy Hodgson at Allsop advised M Core on the purchase. Knight Frank advised the vendor.