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Birmingham Post
Birmingham Post
Business
Coreena Ford

North East shopping centre snapped up as part of £138m deal

LCP Galleries

A North East shopping centre has been snapped up alongside a retail destination in South Wales in a deal worth £138m.

Commercial property and investment company LCP has swooped to buy the Galleries shopping centre in Washington from M&G Real Estate in its biggest acquisition to date, also taking on Wales’ largest shopping centre, the Cwmbran Centre, as part of the deal.

The North East portfolio includes the Galleries Shopping Centre, which has more than 200 units spread over 535,000 sqft, anchored by Asda and Sainsbury’s, and the adjacent 158,000 sqft Galleries Retail Park, which has 16 retail units, including Aldi, Matalan and River Island.

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