NewRiver REIT PLC Disposal of Poole Retail Park (5502W)
23 Dicembre 2021 - 7:59AM
UK Regulatory
TIDMNRR
RNS Number : 5502W
NewRiver REIT PLC
23 December 2021
NewRiver REIT plc
("NewRiver" or the "Company" or the "Group")
Disposal of Poole Retail Park for GBP58.0 million
NewRiver and BRAVO Strategies III LLC ("BRAVO") are pleased to
announce the completion of the disposal of Poole Retail Park in
Dorset for GBP58.0 million (NRR share: GBP5.8 million). This
pricing represents a net initial yield of 6.6% (based on assumed
purchaser's costs of 1.8%), a 7.4% premium to the latest valuation
and is 30% higher than when NewRiver and BRAVO acquired the asset
in October 2019. Since acquisition the asset has generated an IRR
of 21.6% (excluding the promote fee).
In the two years since acquisition NewRiver has completed
several successful initiatives at the Retail Park. These include
securing a 10 year lease extension and over 60% rental uplift with
Homebase, which had undergone a CVA prior to our acquisition of the
Retail Park. We also agreed new leases with existing occupiers
Boots and Next and introduced Bensons for Beds to the park on a 10
year lease, replacing a former Laura Ashley unit. In February of
this year we also completed a new 10 year lease for a 30,400 sq ft
unit to Sports Direct, replacing a former DW Sports unit.
Allan Lockhart, Chief Executive commented : "This disposal
demonstrates the strong returns that can be generated from our
experienced asset management platform through capital partnerships.
In a short space of time we have completed numerous leasing
transactions at the Retail Park which have improved the customer
offer and supported the asset's income and valuation. We are
delighted to have secured such good pricing on this disposal which
demonstrates the inherent liquidity in our portfolio."
For further information
NewRiver REIT plc +44 (0)20 3328 5800
Allan Lockhart (Chief Executive)
Will Hobman (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 GBP0.7 billion portfolio covers 8 million sq ft and
comprises 29 community shopping centres and 17 conveniently located
retail parks. We have hand-picked our portfolio to focus on
occupiers providing essential goods and services and to support the
development of thriving communities across the UK, while
deliberately avoiding structurally challenged sub-sectors such as
department stores and mid-market fashion. Our objective is to own
and manage the most resilient retail portfolio in the UK, focused
on retail parks, core shopping centres, and regeneration
opportunities in order to deliver stable income and capital growth
to our investors.
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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