Property group LCP targets Scotland with Glasgow base

Property investment company LCP is to open its first office in Scotland after expanding its portfolio north of the Border.

LCP's portfolio in Scotland includes Govan Cross Shopping Centre. Picture: Robert Perry

The firm – one of the UK’s largest private owners of retail, industrial and office property – said it was setting up a new base in Glasgow, from where it will manage its Scottish retail and industrial estates.

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Julian Diamond, LCP asset manager, said it was a natural step to open a dedicted operation in Scotland as the firm had “significantly” increased its presence there over the past two years.

Prior to this, LCP’s London team had managed the Scottish portfolio, which includes Govan Cross Shopping Centre, Airdrie Retail Park and Forbes Court on the Middlefield industrial estate in Falkirk.

“This is an exciting venture for LCP,” Diamond said. “As our Scottish portfolio has increased significantly over the past few years to 25 holdings, with a further four investments currently under offer, we’ve decided to grow our team and it makes perfect sense to open an office from where we can continue our hands-on approach and pro-actively manage the portfolio.”

He added: “We continue to seek further commercial property investment opportunities across Scotland and look forward to growing the team accordingly.”

LCP manages a portfolio of more than 16 million square feet of commercial property across the UK. The group committed £98 million to investing in its portfolio in 2016 and is aiming to invest a further £200m this year in both retail and industrial properties.