24th Mar 2015 09:34
LONDON (Alliance News) - NewRiver Retail Ltd on Tuesday said it has completed three acquisitions and three asset sales, with a total value of GBP23.8 million.
NewRiver said it has made three acquisitions for GBP18.3 million, at an average net initial yield of 8.7%. The company has acquired the Lower Audley Street Retail Park in Blackburn for GBP14.6 million, reflecting a net initial yield of 8.85%. The park contains 114,000 square feet of retail and leisure space.
It has also bought the Sealand Road retail unit in Chester, currently let to office suppliers retailer Staples, for GBP2.1 million, reflecting a net initial yield of 8.24%, and has acquired the Great Eastern Square retail warehouse in Felixstowe, currently let to Homebase, for GBP1.6 million, reflecting a net initial yield of 7.84%.
NewRiver also said it has completed three sales for total of GBP5.5 million, at an average net initial yield of 7.3%.
The biggest sale was the 97 Dolphin Shopping Centre retail unit in Poole for GBP2.3 million, reflecting a net initial yield of 7.27%.
It also sold the Halfords store in Paisley for GBP1.8 million, reflecting a net initial yield of 10.9%, and has sold the 40 Fishergate property in Preston for GBP1.4 million, reflecting a net initial yield of 6%.
NewRiver shares were up 0.2% to 293.50 pence on Tuesday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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