AIM-listed NewRiver Retail has announced it has exchanged contracts with European retail property manager Redevco to acquire a portfolio of six long leasehold UK retail assets for a total of £19.1 mln (almost EUR 23 mln).
AIM-listed NewRiver Retail has announced it has exchanged contracts with European retail property manager Redevco to acquire a portfolio of six long leasehold UK retail assets for a total of £19.1 mln (almost EUR 23 mln).
The assets were acquired off-market from Amsterdam-based Redevco and the purchase price reflects a net initial yield of 7.75%.
The portfolio comprises large space retail units located within the core trading locations of well established and successful retailing towns or cities, the majority of which are in the southeast of England.
In total the portfolio comprises 308,000 square feet (28,600 m2) and the individual retail properties are let to three national multiple retailers. The average rent across the portfolio equates to £6.21 per sq ft and based on the purchase price, the average capital value is £61.65 per sq ft.
NewRiver Retail is a specialist real estate investor and asset manager with a particular focus on the UK retail sector. The firm was founded in 2009 and its shares were admitted to London’s AIM and Channel Islands Stock Exchange (CISX) in September of the same year.
