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Lancashire-based LSC Property Holdings acquired New Hall Hey Retail Park from Aegon Property Income Fund in an undisclosed multi-million pound transaction.
The 80,000 square foot site in Rawtenstall is occupied by domestic retailers such as Aldi, Card Factory, Costa, Domino’s, Home Bargains, Iceland, Marks & Spencer, Pets at Home and TK Maxx.
Rossendale-based LSC Property Holdings is a new property investment vehicle set up by Shaun Morley and Adam Turner, also directors of LSC Finance, LSC Capital and Lyndhurst Shoe Company.
Adam Turner said: “The acquisition of Rawtenstall is an exciting step for the new branch of our business.
“After building a large residential portfolio, we looked to grow and get into commercial real estate investing.
“As we were born and raised in Rawtenstall, we really wanted to make it our first major business acquisition when the opportunity presented itself. “
Law firm Knights advised LSC Property Holdings on the deal, having supported Shaun and Adam on a number of issues in recent years for each of their companies.
Leo Rossiter, Partner at Knights, said: “We are delighted to have supported Shaun and Adam in this acquisition.
“2020 has been a disruptive year for retail, so it’s great to see this deal done as we approach 2021.”
Eileen Duncan and Rebecca Harris led the Trowers & Hamlins team, acting for Aegon Property Income Fund, under the leadership of Chris Munday.