Acquisition
20 Gennaio 2010 - 8:00AM
UK Regulatory
TIDMNRR
RNS Number : 8131F
NewRiver Retail Limited
20 January 2010
NewRiver Retail Ltd
("NewRiver" or "the Company")
Acquisition of regional town shopping centre
NewRiver Retail Limited (AIM: NRR), the specialist value-creating retail
property investment and asset management company, is pleased to announce that it
has acquired the freehold interests of The Deeping Centre, a district shopping
centre located in the town of Market Deeping, near Peterborough.
The investment is being acquired for GBP5.50 million using existing resources
from Westgate Properties Anglia Limited, part of the Anglia Regional
Co-operative Society Limited (ARCS) and reflects a net initial yield of 6.98 per
cent and an equivalent yield of 8.01 per cent.
The Deeping Centre is anchored by a 27,000 sq ft Co-operative food store and a
petrol filling station, together with 11 further retail units. The Deeping
Centre also provides the main car parking facilities for the town with 275
dedicated spaces.
The Co-operative has signed new 20 year leases for both the food store and the
petrol filling station, representing 76% of the total rental income, with the
leaseback rent for the food store at GBP9.06 per sq ft. This provides both long
term income security and strong prospects for increased rental growth. Other key
retailers trading in The Deeping Centre include the National Co-op chemist,
Scrivens opticians and S&D Bookmakers Ltd.
Additionally NewRiver has purchased an adjoining strategic vacant site at one of
the entrances to The Deeping Centre for GBP275,000.
Allan Lockhart, Director of NewRiver Capital Limited, the wholly-owned
subsidiary and property manager, and adviser to NewRiver Retail, said:
"Located in an affluent catchment area, The Deeping Centre benefits from strong
footfall generated by the Co-operative food store. The property offers excellent
rental growth prospects given the low leaseback rent with the Co-operative food
store and the rental indexation within the PFS lease. In addition there are
opportunities to upgrade and develop the retail offering, both within The
Deeping Centre and the adjacent vacant land, by increasing the retailing
provision and improving the tenant mix and overall quality of the shopping
experience. The investment is an opportunistic acquisition that fits exactly
with our stated active asset management strategy."
The Company continues to actively pursue further acquisitions.
- ends -
For further information:
NewRiver Retail Ltd Tel: 01481 735 540
Serena Tremlett
NewRiver Capital Ltd Tel: 0203 328 5808
Allan Lockhart
Pelham Bell PottingerTel: 0207 861 3232
David Rydell / Rosanne Perry
BofA Merrill Lynch Tel: 0207 628
1000
(Broker & Nominated Adviser)
Marcus Jackson
Georgina Stewart
About NewRiver
NewRiver Retail Limited is a specialist real estate investor and asset manager
with a particular focus on the UK retail sector. NewRiver Retail is advised on
property matters by its wholly-owned subsidiary, NewRiver Capital Limited, whose
management team, led by David Lockhart, have more than 50 years combined
experience in UK commercial property markets. The Company's activities include
active and entrepreneurial asset management and risk controlled development,
utilising both its own balance sheet and co-investment joint venture structures.
It is NewRiver's intention to become one of the leading sector-focused
value-creating property investment businesses operating in the UK retail sector.
The Company 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.
For more information on NewRiver, please visit
www.newriverretail.com and www.newrivercapital.co.uk
This information is provided by RNS
The company news service from the London Stock Exchange
END
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