£250m investment plans unveiled after record-breaking 201722/01/2018
£250m investment plans unveiled after record-breaking 2017
LCP has signalled its commitment to further investment in its expanding portfolio by earmarking up to £250 million this year after a record-breaking 2017.
The ambitious target follows a 16% increase in turnover, which helped it to break through the £100 million barrier for the first time.
In the past 12 months LCP has invested more than £112 million in its retail and industrial portfolios, adding more than 100 new sites, 1,200 new tenants and over 1.5 million sq ft.
Now, Nick Burgess, managing director, said 2018 will see the company targeting further local convenience parade acquisitions, after adding 46 sites last year and growing its Scotland portfolio by more than 346,000 sq ft after successfully opening an office in Glasgow last spring.
"We’ve had an exceptional 2017, which saw our turnover reach record levels, and now we are focusing on building on this success this year and beyond,” he said.
“The past few years have demonstrated that we are a tour de force when it comes to acquisitions and investments in both the retail and industrial sectors and this level of activity will continue, thanks to our teams of asset managers."
“We seek sites in key, strategic areas to add to our existing portfolio that we can add value to and that also offer good yield potential. We are proud of this winning formula and our record shows that this approach is also beneficial for the communities in which we acquire properties.
James Buchanan, investment director, said “To meet these ambitious objectives, we have earmarked up to £250 million for investments in 2018. If we can source the right sites in the right locations, we are happy to talk to agents and landowners.”
LCP owns and manages 19,242,737 sq ft of commercial property across the UK, comprising 471 sites and 4,704 tenants.