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(Sharecast News) - Real estate investment trust NewRiver said it had bought the Sprucefield retail park in Northern Ireland from Intu Properties for £40m representing a net initial yield of 8.7%.
Once completed, the acquisition will generate an additional £3.7m of annualised net property income, the company said on Monday.
The 47-acre site in Lisburn is a five-unit retail park providing 231,000 sq of retail space anchored by Sainsbury's and B&Q, and has an affordable average rent of £16.11 per sq ft, with a weighted average unexpired lease term of 7.5 years, NewRiver added.
10 Aug 2016 15:07