UK listed property firm NewRiver Retail has exchanged contracts to acquire the Ramsay Retail warehouse portfolio for £69 mln (€97 mln).

UK listed property firm NewRiver Retail has exchanged contracts to acquire the Ramsay Retail warehouse portfolio for £69 mln (€97 mln).

The purchase price reflects a net initial yield of 8%.

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 sq ft (43,000 m2) of lettable space, has a 97% occupancy and currently generates a net rental income of £5.6 mln 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.