NewRiver REIT PLC Completion of acquisition of Poole Retail Park (1449Q)
17 Octubre 2019 - 1:00AM
UK Regulatory
TIDMNRR
RNS Number : 1449Q
NewRiver REIT PLC
17 October 2019
NewRiver REIT plc
("NewRiver" or the "Company")
Completion of acquisition of Poole Retail Park in a Joint
Venture with BRAVO
NewRiver is pleased to announce that its joint venture (the
"JV") with BRAVO Strategies III LLC ("BRAVO") has completed the
acquisition of Poole Retail Park in Dorset from LS Poole Retail
Limited, for total consideration of GBP44.7 million, reflecting a
net initial yield of 8.0%. This follows the announcement on 12
September 2019 that the JV had exchanged contracts for the
acquisition.
NewRiver will hold a 10% interest in the asset (NRR share:
GBP4.5 million) and will benefit from 10% of the net rental income
(NRR share: GBP0.4 million per annum). NewRiver will be appointed
as asset manager, in return for a management fee calculated with
reference to the gross rental income of the asset, and will also
receive a promote based on financial performance.
The gross asset value subject to the transaction is GBP44.7
million and NewRiver's share of the transaction will be satisfied
from existing resources and available credit facilities.
Including this acquisition, the JV established in May 2019 has
acquired GBP105.1 million of assets (NRR share: GBP34.7 million),
reflecting a net initial yield of 9.0%.
For further information
NewRiver REIT plc +44 (0)20 3328 5800
Allan Lockhart (Chief Executive)
Mark Davies (Chief Financial Officer)
Tom Loughran (Investor Relations)
+44 (0)20 7251
Finsbury 3801
Gordon Simpson
James Thompson
About NewRiver
NewRiver REIT plc ('NewRiver') is a leading Real Estate
Investment Trust specialising in buying, managing, developing and
recycling convenience-led, community-focused retail and leisure
assets throughout the UK.
Our GBP1.3 billion portfolio covers over 9 million sq ft and
comprises 33 community shopping centres, 23 conveniently located
retail parks and over 650 community pubs. Having hand-picked our
assets since NewRiver was founded in 2009, we have deliberately
focused on the fastest growing and most sustainable sub-sectors of
the UK retail market, with grocery, convenience stores, value
clothing, health & beauty and discounters forming the core of
our retail portfolio. This focus, combined with our affordable
rents and desirable locations, delivers sustainable and growing
returns for our shareholders, while our active approach to asset
management and in-built 1.9 million sq ft development pipeline
provide further opportunities to extract value from our
portfolio.
NewRiver has a Premium Listing on the Main Market of the London
Stock Exchange (ticker: NRR) and is a constituent of the FTSE 250
and EPRA indices. Visit www.nrr.co.uk for further information.
LEI Number: 2138004GX1VAUMH66L31
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END
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