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(Alliance News) - NewRiver REIT PLC on Tuesday said a joint venture of which it owns 10% completed the acquisition of property in Sheffield.
Shares were up 3.6% to 102.40 pence in London.
The joint venture with BRAVO Strategies III LLC paid GBP41.0 million for The Moor, a 28-acre city centre estate, representing a value of GBP60 per square foot. The property has a net rental income of GBP4.0 million per year, of which NewRiver will get 10%, in line with its holding. London-based NewRiver also will receive fees as asset and development manager of the property.
The Moor is Sheffield's primary retail and leisure destination, with tenants including fashion and homewares seller Next PLC and grocer J Sainsbury PLC.
NewRiver said its GBP1.1 billion property portfolio comprises 33 shopping centres, 19 retail parks and 700 pubs.
By Ivan Edwards; ivanedwards@alliancenews.com
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