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NewRiver REIT PLC - real estate investment trust - Disposes 90% of its interest in Sprucefield Retail Park, Northern Ireland, to its joint venture partner BRAVO Strategies III LLC for GBP34.7 million. Price reflects a net initial yield of 9.0% and a 5% discount to its March valuation. NewRiver will retain a 10% interest in the asset.
"One of our key priorities for this financial year is to dispose of GBP80 million to GBP100 million of assets, in order to improve our LTV in-line with Company guidance. This sale means we are ahead of target at the end of the first half, and we continue to add to our disposal pipeline," says Chief Executive Allan Lockhart.
Current stock price: 49.35 pence
Year-to-date change: down 75%
By Lucy Heming;Â lucyheming@alliancenews.com
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