13th Jul 2015 06:59
LONDON (Alliance News) - Retail property investor and asset manager NewRiver Retail Ltd on Monday said it has exchange contracts for the acquisition of the Ramsay Retail Warehouse Portfolio for GBP69.1 million.
The purchase price reflects a net initial yield of 8.0%, NewRiver said.
The portfolio is being acquired from an unnamed food store operator and includes a total of 13 assets, including nine retail parks and four development sites. The portfolio comprises 462,916 square feet of lettable space, has a 97% occupancy and currently generates a net rental income of GBP5.6 million a year. It includes sites in Liverpool, Leeds and Bradford.
"We are delighted to announce the Ramsay Retail Warehouse Portfolio acquisition which will be funded by the proceeds from our recent fundraise, the result of which reflects the great support we continue to receive from new and existing shareholders for the company's growth strategy," said NewRiver Chief Executive David Lockhart.
"This attractive yielding portfolio benefits from a strong retailing covenant leading to a secure and sustainable income stream and presents an immediate opportunity for NewRiver to pursue a range of value-enhancing asset management and risk controlled development initiatives," Lockhart added.
By Sam Unsted; [email protected]; @SamUAtAlliance
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