NewRiver REIT PLC Completion of The Moor acquisition in BRAVO JV (3957U)
06 Abril 2021 - 1:00AM
UK Regulatory
TIDMNRR
RNS Number : 3957U
NewRiver REIT PLC
06 April 2021
NewRiver REIT plc
("NewRiver" or the "Company")
Completion of acquisition of The Moor, Sheffield in a Joint
Venture with BRAVO
NewRiver is pleased to announce that its joint venture with
BRAVO Strategies III LLC ("BRAVO") in which it holds a 10% stake
has completed the acquisition of The Moor, a 28 acre estate in
Sheffield city centre, from CEP ASI UKPF Nominee 1 Limited and CEP
ASI UKPF Nominee 2 Limited, for total consideration of GBP41.0
million, representing a capital value of GBP60 per sq ft. This
follows the announcement on 19 February 2021 that the JV had
exchanged contracts for the acquisition.
The gross asset value subject to the transaction is GBP41.0
million and NewRiver's share of the consideration has been
satisfied from existing resources. NewRiver will hold a 10%
interest in the asset (NewRiver share: GBP4.1 million) and will
benefit from 10% of the net rental income of GBP4.0 million per
annum (NewRiver share: GBP0.4 million per annum). NewRiver has also
been appointed as asset and development manager, in return for a
management fee calculated with reference to the gross rental income
and development costs of the asset, and will receive a promote
based on financial performance.
For further information
NewRiver REIT plc +44 (0)20 3328 5800
Allan Lockhart (Chief Executive)
Mark Davies (Chief Financial Officer)
Emily Meara (Head of 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 and developing
essential retail and leisure assets throughout the UK.
Our GBP1.1 billion portfolio covers 9 million sq ft and
comprises 33 community shopping centres, 19 conveniently located
retail parks and around 700 community pubs. We hand-picked our
assets to deliberately focus on occupiers providing essential goods
and services, and avoid structurally challenged sub-sectors such as
department stores, mid-market fashion and casual dining. 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 inbuilt 2.6
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). Visit www.nrr.co.uk for further
information.
LEI Number: 2138004GX1VAUMH66L31
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END
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