LCP, the national commercial property and investment company and part of M Core, has bought Central 12, a large shopping park on the outskirts of Southport from Aviva Investors.
LCP is understood to have paid close to the asking price of £26.9 million, a net initial yield of 8.5%.
Anchored by an Asda superstore, the centre comprises 162,143 square feet of open convenience retail, with retailers including The Range, Poundland, Boots and Next.
The 13-unit shopping park, located on Derby Road, close to Southport Railway Station, also has a car park for 600 vehicles.
B&M, the discount retailer, has signed a five-year lease for units 1 and 2. the 23,309-square-foot store is expected to open later this summer. Fit-out is already under way.
James Buchanan, group managing director at LCP, said: “We have invested more than £115 million in retail assets this year, demonstrating our determination and commitment to investing in the UK retail sector. Acquisitions such as this form an important part of our programme of investment as we seek to consolidate our portfolio and add value to it.”
M Core, the acquisitive commercial property collective and one of the largest, privately held commercial property portfolios in the UK, has invested more than £160 million over 12 months in 25 retail centres. Major acquisitions include Cwmbran Centre, Cwmbran; The Galleries, Washington, Sunderland; and Three Spires in Lichfield.
It said it has £300 million available to invest for assets ranging from £500,000 to £30 million and portfolios up to £150 million and is actively seeking sites for acquisition.
The agents acting for LCP on the deal Harvey Spackfield and Harper Dennis Hobbs. The agent for Aviva was JLL.