New retailers likely after Princes Square acquired
Princes Square shopping centre in Glasgow has been acquired for an undisclosed sum by commercial property and investment collective M Core which is now seeking a number of new entrants to the city’s retail and restaurant offering.
M Core, a property investment and management collective comprising LCP, Sheet Anchor, Evolve Estates and Proudreed, has a £5.3 billion portfolio of assets across Europe.
LCP has been appointed to manage Princes Square which still has an annual footfall of more than 52 million despite the general decline in the number of shoppers in city centres.
The total 118,625 sq ft of floorspace is spread across four self-contained retail units along Buchanan Street and an inner mall on five levels. Tenants include Cos, Everyman Cinema, Levi’s, Michael Kors, Office and Sweaty Betty.
James Buchanan, LCP group managing director, said: “The acquisition of Princes Square is a fitting start to 2024. Situated in the heart of Glasgow, it boasts significant retail, food, and leisure brands. With our proven track record in focused investment and intensive asset management, we are poised to capitalise on market opportunities, enhance value, and provide excellent offerings for our tenants.”
Roddy Proudfoot, LCP director and head of the company’s Scotland office, said: “We are already engaged in discussions with high-profile potential retail and restaurant occupiers, including new entrants to the Glasgow market, and look forward to making announcements in the coming weeks.”
M Core said the acquisition aligns with its stratgegy of securing key properties in shopping parades, shopping centres and retail parks nationwide.”