LCP plans £250m investment in 2018
A £250 million investment spree is planned this year by a property business based in the Black Country.
London and Cambridge Properties, which has its headquarters in Kingswinford, enjoyed a record 2017 with turnover growing 16 per cent to break through the £100 million barrier.
The property investment and management company intends to expand if property portfolio with the £250m war chest.
In the past 12 months the company, based at The Pensnett Estate, has invested more than £112m in its retail and industrial portfolios, adding more than 100 new sites, 1,200 new tenants and more than 1.5 million sq ft.
Nick Burgess, LCP 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.
“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.
“To meet these ambitious objectives, we have earmarked up to £250m 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 currently owns and manages 19,242,737 sq ft of commercial property across the UK, comprising 471 sites and 4,704 tenants.
Its flagship industrial estate is The Pensnett Estate, which at 185 acres is one of the largest secure industrial estates in Europe and home to almost 200 companies.
Its retail portfolio comprises more than 6.4 million sq ft and 310 sites and has a strong focus on the local and convenience shopping sector. LCP owns and manages a number of shopping centres including the Wulfrun Centre, Wolverhampton.
