11th Jun 2014 08:00
LONDON (Alliance News) - NewRiver Retail Ltd Wednesday said it has acquired four retail park properties from an unnamed UK institution in a deal worth GBP17.3 million.
In total, the Linear portfolio comprises 196,300 square feet of lettable space with a total annual rent of GBP1.7 million equating to an average rent of GBP8.51 per square feet.
The Linear portfolio consists of two multi-let retail park properties and two retail warehouse properties located in high catchment areas across the UK. The portfolio is let to six tenants providing a long weighted-average unexpired lease term of 7.4 years.
NewRiver acquired Clough Road Retail Park near Hull, Poundstretcher Wymondham near Norwich, and Halfords Paisley near Glasgow. Additionally, the firm acquired Mount Street Retail Park in Wrexham, north Wales where it already owns two separate high street retail units.
NewRiver shares were quoted up 1.2% at 318.75 pence Wednesday morning.
By Anthony Tshibangu; [email protected]; @AnthonyAllNews
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