NewRiver Retail Limited Disposal of Bramley Shopping Centre, Leeds (4703O)
07 Agosto 2014 - 8:00AM
UK Regulatory
TIDMNRR
RNS Number : 4703O
NewRiver Retail Limited
07 August 2014
NewRiver Retail Limited
("NewRiver" or "the Company")
NewRiver sells Bramley Shopping Centre, Leeds, for GBP18.5m
reflecting 7.2% net initial yield
NewRiver Retail Limited (AIM: NRR), the UK REIT specialising in
value-creating retail property investment and active asset
management, announces it has exchanged contracts for the sale of
Bramley Shopping Centre, Leeds, for a total consideration of
GBP18.5 million reflecting a net initial yield of 7.2% to
Rockspring Property Investment Managers on behalf of Rockspring UK
Value 2 LP.
The sale of Bramley Shopping Centre demonstrates the Company's
successful business strategy of acquiring assets at attractive
yields and delivering active asset management initiatives in order
to significantly enhance and realise their value through sale.
NewRiver acquired the Centre as part of portfolio of five
shopping centres (CReAM portfolio) in 2010. The sale price is 1.4%
above the March 2014 year end valuation.
Bramley Shopping Centre comprises 121,342 sq ft of retail space
across 54 units let to a range of retailers including Tesco,
Farmfoods, Boots, Bright House, Greggs and Pound Stretcher.
During its ownership, NewRiver delivered on its active asset
management initiatives completing 20 new lettings, lease re-gears
and renewals with key retailers including The Co-Operative
Pharmacy, The Post Office, Pizza Hut, Bright House and The Money
Shop. NewRiver secured an uplift in the rent review for the anchor
Tesco supermarket resulting in a 17% increase in the annual rent
rising from GBP414,000 to GBP487,000. The Company installed free
income-generating Cloud wifi and an Amazon Locker.
Allan Lockhart, Property Director at NewRiver Retail, said:
"The sale of Bramley Shopping Centre is an excellent example of
NewRiver's ability to source and acquire retail real estate with
significant enhancement opportunities and use our active asset
management expertise to increase its value. We are delighted with
the performance of the asset and in line with our proven business
strategy we look forward to recycling the surplus capital generated
into new and exciting projects."
-Ends-
For further information
NewRiver Retail Limited Tel: 020 3328 5800
David Lockhart, Chief Executive
Mark Davies, Finance Director
Bell Pottinger Tel: 020 7861 3232
David Rydell/Guy Scarborough/James
Newman
Liberum Tel: 020 3100 2000
Tim Graham/Simon Atkinson/Jamie
Richards
About NewRiver
NewRiver Retail Limited is an AIM listed REIT. The Company is a
specialist real estate investor and asset manager focusing solely
on UK retail with a particular focus on food and value
retailing.
The management team, with over 100 years combined experience in
the UK commercial property market, actively engages with retailers,
stakeholders and consumers. NewRiver Retail is the UK's third
largest Shopping Centre owner by number with assets under
management of approximately GBP600 million principally comprising
24 UK wide shopping centres, 18 high street assets, 1 supermarket
and a portfolio of 202 public houses principally suitable for
conversion to alternative uses. The portfolio has 1,118 occupiers,
a total of 4.6 million sq ft, total annual footfall of over 100
million and a retail occupancy rate of 95 per cent.
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.
Founded in 2009, NewRiver has become the UK's leading
retail-focused property investment business. The Company's shares
were admitted to London's AIM in September of the same year. For
more information on NewRiver, please visit www.nrr.co.uk
This information is provided by RNS
The company news service from the London Stock Exchange
END
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