LCP reports record year
National commercial property and investment company LCP has reported another record year for the financial year ending 31 March 2019, following 12 months of complementary acquisitions, particularly in the retail sector.
The Group of companies has recorded a 6 per cent increase in underlying profits1 to GBP61.4 million, while turnover is also up 7 per cent on the previous year at GBP129.7 million.
The annual strategic report also reveals that it completed GBP56.1 million of acquisitions, including a record GBP50.4m in Continental Europe.
The value of its entire portfolio increased to GBP1,469.3 million, up by 4 per cent on the previous year, with a valuation uplift of 1.5 per cent, which comes largely from rental increases and yield compression in the industrial sector, as well as positive asset management, particularly in its local convenience retail portfolio.
Nick Burgess, Managing Director of LCP, one of the UK's largest private owners of industrial, retail and office property, says: “The last financial year was yet another exceptional year for the Group and we are well placed to take advantage of changing consumer habits.
“Our growing portfolio offers opportunities for distribution operations serving local demand as well as retail convenience retail at the heart of the community. As we look to continue investing in this sector, our intensive management approach will result in improved facilities and increased lettings, bringing more variety for local shoppers.
“We are in an excellent position to continue our programme of growth, acquiring suitable properties that have the best opportunities to strengthen our return on investment.”
He said the Group’s continued focus on investing in local convenience retail sector was a strong driver for success, while its talented team of asset managers also looked to improve and increase existing space particularly in the industrial sector.