The commercial property and investment company has acquired Lime Square Retail Parade from Dransfield Properties.
LCP bought the 156,000 sq ft Openshaw complex on behalf of L&C Investments, part of the LCP group of managed companies.
Lime Square is fully let to a mix of retail, food and leisure tenants and is anchored by an 80,000 sq ft Morrisons supermarket.
The Morrisons was not included in the transaction and remains under Dransfield’s ownership.
Tenants at Lime Square include Greggs, The Gym, Poundland and B&M.
There is also a car park for 670 vehicles.
Barry Flint, associate director of LCP, said: “We are very pleased to have completed this transaction. Dransfield Properties built and managed a successful retail centre and we are looking forward to investing further in Lime Square over the coming years.”
In the last quarter, LCP has acquired £58m worth of assets throughout the UK and is actively seeking to invest in assets ranging from £500,000 to £30m.
Myerson Solicitors advised Dransfield Properties on the legal transaction, while Osbourne Clarke acted for LCP.
Steve Orzel, of Parkdales, acted as the agent for LCP, while Simon Bland of Mason Owen Property Consultants acted for Dransfield Properties.
Lime Square is located next to a plot earmarked for the creation of 216 homes. Your Housing Group won consent for the scheme last October.