NewRiver, the UK REIT and owner of c350 pubs, has completed the acquisition of two retail parks for a combined consideration of £26.5m
The Rishworth Centre and Railway Street Retail Park, Dewsbury, was acquired from an institutional investor for £14.m, while The Valegate Retail Park, Cardiff was purchased from an administrator for £12.2m
Allan Lockhart, property director, said: “These acquisitions are in line with our strategy of acquiring fundamentally good quality assets with untapped enhancement opportunities which NewRiver is well placed to exploit as an active and specialist retail asset manager.
“We are confident of significantly improving the retailer profile and the sustainability and quality of underlying cash flows so that these assets will deliver attractive returns for our shareholders. Importantly we have retained our capital discipline on entry price, acquiring these assets at a blended yield of 9%.”
