M Core enhances its UK portfolio with ten major acquisitions in H1 2023
We are delighted to celebrate a successful first half of the year with ten major acquisitions and continued growth. As we pursue investments, the expansion of our team and retail-driven ventures will take a central focus in our pursuit to create a better experience for local shoppers and neighbouring communities.
Across all the territories that we operate in, we are committed to creating thoughtful, long-term, growth and stability, both for our business and the communities we work with. We have ambitious growth plans to expand our portfolio and are excited to see the opportunities the market will present.
M Core, one of the largest, privately held commercial property collective continues to grow at an accelerated rate, amplifying its holdings against a £1 billion European investment target with a major recruitment drive and ten major UK acquisitions during the first half of 2023.
The new acquisitions from the property collective, comprised of LCP, Evolve Estates, Sheet Anchor and Proudreed, span across all corners of the UK. From Chelmsford in the south of England to Aberystwyth in Wales and Broughty Ferry in Scotland, M Core’s portfolio continues to expand as it rolls out its new brand.
In 2023 alone, the current UK investment total stands at almost £80 million across the ten developments, covering a total square footage of 921,783.
This expansion signifies a more than 25% uplift in the M Core UK managed and owned square footage since 2021, with the 2.5-year period resulting in an investment of approx. £450 million measuring 4.9million square feet, across 72 acquisitions.
To support the business expansion in the UK, the M Core collective has taken on 45 new team members, including Chris Daly- Head of Asset Management at Evolve, Neil Woodward- Head of London Asset Management at LCP and a significant promotion of Ben Chislett to Chief operation Officer at LCP (UK).
“As we continue our investment goals in 2023, I’m excited to be working closely with the company directors leading the development of operational functions across our portfolio with the goal to drive business performance and company culture ahead ”
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Ben Chislett, Chief Operating Officer (LCP, UK)
Notable developments include: Chelmsley Wood Shopping Centre, a 461,012sq ft retail destination in Solihull, with stores including Wilko, Iceland, Sports Direct and Boots — boasting a successful annual footfall of over 7.5 million people. Southport’s Central 12 Retail Park, a dominant 162,143sq ft modern, purpose-built retail park home to stores including Mountain Warehouse, Next, Costa and Asda. Plus, Parc-Y-Llyn Retail Park in Aberystwyth, an 87,916sq ft retail park serving a catchment region estimated at 75,000 people — here visitors can access retailers including Next, B&M, Currys, Halfords and Charlie's Stores.
M Core is actively seeking further UK sites for acquisition, with investment managers continuously striving towards the collective £1 billion European investment target.
We are delighted to celebrate a successful first half of the year with ten major acquisitions and continued growth. As we pursue investments, the expansion of our team and retail-driven ventures will take a central focus in our pursuit to create a better experience for local shoppers and neighbouring communities.
Across all the territories that we operate in, we are committed to creating thoughtful, long-term, growth and stability, both for our business and the communities we work with. We have ambitious growth plans to expand our portfolio and are excited to see the opportunities the market will present.
