M Core expands Scottish portfolio with Aberdeen City Centre acquisition as regeneration gathers pace
"This acquisition reflects our continued commitment to Scotland and builds on the investments we have already made across Aberdeen. We see real opportunity in well-located assets with strong occupiers that serve the communities around them.
"Union Street is the spine of the city centre, and significant investment is going into its future. We want to play a constructive part in that, working with occupiers and local stakeholders over the long term."
M Core has acquired 196-206 Union Street, a prominent retail parade on Aberdeen's principal commercial thoroughfare. The purchase deepens the group's Aberdeen holdings as the city's long-term regeneration programme progresses.
The parade sits at the heart of Aberdeen city centre, close to Union Square, Bon Accord Shopping Centre, Trinity Shopping Centre and Aberdeen Music Hall. Fully let, it is anchored by Co-op and let to a mix of national and independent occupiers, including Subway, Barnardo's, British Heart Foundation, Noodles and Heavenly Desserts.
The acquisition builds on M Core's purchase of three neighbourhood retail assets in and around Aberdeen during 2025. The investments coincide with sustained public investment in the city centre. Aberdeen City Council unanimously approved its City Centre and Beach Masterplan in August 2022, a long-term regeneration programme that includes the Union Street Central streetscaping works, which the council currently expects to complete in 2026.
James Buchanan, Group Managing Director of LCP UK, part of M Core, said:
"This acquisition reflects our continued commitment to Scotland and builds on the investments we have already made across Aberdeen. We see real opportunity in well-located assets with strong occupiers that serve the communities around them.
"Union Street is the spine of the city centre, and significant investment is going into its future. We want to play a constructive part in that, working with occupiers and local stakeholders over the long term."
The asset will be managed by Alex Williams, Head of Scotland at LCP UK, part of M Core.
Legal advice was provided by Kelsey Gibson of Morton Fraser MacRoberts.
Ken Shaw and Dan Stalker of Ryden acted as acquiring agents.
"This acquisition reflects our continued commitment to Scotland and builds on the investments we have already made across Aberdeen. We see real opportunity in well-located assets with strong occupiers that serve the communities around them.
"Union Street is the spine of the city centre, and significant investment is going into its future. We want to play a constructive part in that, working with occupiers and local stakeholders over the long term."
