24th Dec 2015 07:28
LONDON (Alliance News) - NewRiver Retail Ltd on Thursday said it has exchanged contracts to acquire the Neptune portfolio and three other retail assets for a total of around GBP108.0 million.
The retail-focused real estate investor said it has paid GBP92.3 million to acquire the Neptune portfolio, which comprises the Ridings Shopping Centre in Wakefield in West Yorkshire, the Commill Shopping Centre in Darlington in the north east of England and the Capitol Shopping Centre in Cardiff in Wales.
The purchase price reflect a net initial yield of 8.0%, NewRiver said.
In addition, the company has acquired another three retail properties for GBP15.6 million, at a net initial yield of 7.3%.
The acquisitions include the Blenheim Shopping Centre in Penge in south east London, the Daventry Retail Park in Northamptonshire and the Clifton Moor Retail Park in York.
"Following our recently over-subscribed GBP150 million equity raise, we are delighted to announce the swift deployment of the majority of the proceeds into these strategic acquisitions. The Neptune Portfolio marks another major shopping centre portfolio acquisition for NewRiver and the combined acquisitions present a range of immediate value-enhancing asset management and risk controlled development opportunities," said NewRiver Chief Executive David Lockhart.
By Sam Unsted; [email protected]; @SamUAtAlliance
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