CWMBRAN Centre has been bought as part of a £138 million deal.

The centre, along with the Galleries shopping centre in Washington, Sunderland, has been purchased by the LCP Group, a national commercial property and investment company, from previous owners M&G Real Estate.

Major retailers such as Primark, JD Sports, River Island, Superdrug, New Look and Deichmann are all housed in the centre.

As well as the 180 retail units, Cwmbran Centre has 3,000 free car parking spaces and a dedicated bus station.

The sale also includes the Gwent House, Powys House, Glyndwr House and Pendragon House office blocks.

The £138 million spent buying the two shopping centres is the largest retail deal by LCP Group to date, and the company has now invested around £300 million in to retail in the past 12 months.

James Buchanan, managing director of LCP, said: “Despite the challenges over the past few years in the retail sector – and the last 21 months of dealing with Covid-19 adding yet more difficulties – we remain confident there is a positive future for the UK retail sector and that it continues to be buoyant.

“We had an exceptionally busy 2021, with 35 acquisitions in the local convenience and retail sector, but we could not let up the opportunity to acquire the Cwmbran Centre and the Galleries, which are well-performing centres that serve populations 412,000 and 822,000 respectively.

“The past 12 months has demonstrated that we are serious about investing in and adding to our retail portfolio.

“We are excited about the prospects for 2022 and continue to actively seeking opportunities across the country.”