LONDON (Alliance News) - NewRiver Retail Ltd on Wednesday said it has completed the acquisition of a retail park in Dumfries, Scotland, from an unnamed "large listed property company" for a total of GBP20.2 million.
The Cuckoo Bridge Retail Park is the "dominant" retail park in Dumfries and is located close to the A75 road, boasting a strong catchment area, ideally located within a 30-minute drive time of Dumfries and the surrounding areas to the north and west, which has a population of nearly 90,000, NewRiver said.
The 130,000 square foot retail park contains seven retail units and 550 car park spaces and is fully occupied with a weighted average lease expiry of just over eight years.
"The asset benefits from prime positioning, adjacent to a 24 hour Tesco Supermarket which provides the main food offer for the town. Anchored by Homebase, the retail park also offers a mix of quality retailers including: Dunelm, Poundstretcher, Laura Ashley, B&M, KFC and Costa Coffee," said NewRiver in a statement.
The acquisition has been funded from existing cash resources and adds to the warehouse store section of NewRiver's retail portfolio, which in total now accounts for 12% of the GBP1.24 billion portfolio.
"Cuckoo Bridge presents excellent opportunities to generate attractive cash on equity returns by driving income and capital growth through the company's active asset management and risk-controlled development," said Property Director Allan Lockhart.
By Joshua Warner; joshuawarner@alliancenews.com; @JoshAlliance
Copyright 2016 Alliance News Limited. All Rights Reserved.
NewRiver (NRR)