Commercial property and investment group M Core has acquired the Princes Square retail development in Glasgow.
Spanning 118,625 sq ft, Princes Square features four self-contained retail units along Buchanan Street as well as an inner mall spread across five levels. The development is home to retailers including Levi’s, Michael Kors, Cos, Office, Sweaty Betty, and Everyman Cinema.
The Grade B-listed building, dates back to the 1840s and was recognised in 2016 as Scotland’s best building of the last century by the Royal Incorporation of Architects in Scotland.
Both the name of the vendor and the purchase price have not been disclosed.
LCP, part of M Core, has been appointed to manage Princes Square.
James Buchanan, LCP group managing director, said: “The acquisition of Princes Square is a fitting start to 2024. Situated in the heart of Glasgow, it boasts significant retail, food, and leisure brands. With our proven track record in focused investment and intensive asset management, we are poised to capitalise on market opportunities, enhance value, and provide excellent offerings for our tenants.”
Roddy Proudfoot, LCP director, head of Scotland office, added: “Buchanan Street is a renowned retail and leisure destination with an annual footfall exceeding 52 million, and offers significant potential.”
“We are already engaged in discussions with high profile potential retail and restaurant occupiers, including new entrants to the Glasgow market, and look forward to making announcements in the coming weeks.”
The news follows the recent acquisition of The Centre Livingston by LCP and Evolve Estates – which is also part of M Core. The group said it has invested over £275 million in the past 12 months across UK commercial real estate, with other acquisitions including Cwmbran Centre, The Galleries in Washington, Sunderland, and Three Spires in Lichfield.
M Core said it has £500 million for investments ranging between £2m and £250m, and is actively seeking new sites for acquisition.