7th Aug 2014 09:17
LONDON (Alliance News) - NewRiver Retail Ltd said Thursday that it has exchanged contracts for the sale of its Bramley Shopping Centre in Leeds for a total consideration of GBP18.5 million.
The UK real estate investment trust said that the sale to Rockspring Property Investment Managers on behalf of Rockspring UK Value 2 LP reflects a net initial yield of 7.2%.
NewRiver acquired the Centre as part of portfolio of five shopping centres (CReAM portfolio) in 2010. The sale price is 1.4% above the March 2014 year end valuation, said the company. Bramley Shopping Centre comprises 121,342 square feet of retail space across 54 units let to a range of retailers including Tesco, Farmfoods, Boots, Bright House, Greggs and Pound Stretcher.
The company said that the disposal demonstrates its strategy of acquiring assets at attractive yields and delivering active asset management initiatives in order to significantly enhance and realise their value through sale.
NewRiver Retail shares were Thursday trading 0.68% lower at 293.00 pence per share.
By Alice Attwood; [email protected]; @AliceAtAlliance
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