A Black Country property group has acquired a portfolio of shopping parades for £36.6 million.
The group bought by Kingswinford-based London & Cambridge Properties comprises 19 different sites including All Saints Shopping Centre in Shard End, Birmingham.
Called the Navigation portfolio, it spans sites across the UK including in Leicestershire, Stoke and Nottinghamshire.
In total, the portfolio includes mainly freehold sites with 171 retail units, totalling approximately 259,000 sq ft, with an average unexpired lease term of 8.5 years.
Tenants include a mixture of well-known national retailers including Tesco Express and Sainsbury's Local as well as a range of independent retailers and service providers.
London & Cambridge Properties said the addition of the portfolio brought its investment into small, neighbourhood centres to more than £110 million this year.
It is also planning to invest £100 million a year in local parades over the next five years.
James Buchanan, investment director of LCP, said the acquisition was a significant boost to its retail portfolio.
"The local and convenience shopping sector has become an increasing focus for us," he said.
"This portfolio offers LCP numerous asset management opportunities including redevelopment.
"Most of the centres are fully let and are thriving, however, as a pro-active property investment company, we will now be looking at how we can further improve the sites. We are actively seeking more sites."
In a separate development, LCP has taken over the management of the Scott Arms retail parade in Great Barr.
The 30,336 sq ft development was purchased for an undisclosed sum and comprises 16 units with well-known tenants such as Iceland, Greggs, Well Pharmacy, Ladbrokes, and Subway.
