Search Share Prices
NewRiver buys 2 retail parks for £26.5
NewRiver real estate trust said it had bought two retail parks for a combined £26.5m, representing an initial yield of 8.9% and a capital value of 141 per sq ft.
It acquired the Rishworth Centre and adjoining Railway Street Retail Park in Dewsbury, bought from an institutional investor for £14.3m which equated to a net initial yield of 7.9%.
The assets have an affordable average rent of £12.98 per sq ft and a weighted average unexpired lease term of 5.7 years.
The Valegate Retail Park in Cardiff was bought from an administrator for £12.2m, which equates to a net initial yield of 10.0%. It has affordable average rents of £13.82 per sq ft and, with a weighted average unexpired lease term of 3.1 years.
"Both retail parks have good occupier demand and present NewRiver, as a specialist retail asset manager, with the opportunity to add value through a variety of identified active asset management initiatives," NewRiver said.