(Alliance News) - NewRiver REIT PLC on Thursday said it has completed the sale of the Poole Retail Park in Dorset for GBP58.0 million, via a joint venture between the real estate investment trust and investment firm Bravo Strategies III LLC.
The retail park was acquired in October 2019 by the joint venture for GBP44.7 million, meaning that the current sale price is 30% higher than the purchase price.
The Poole facility comprises of 14 units offering a total of 208,000 square feet of retail space to tenants including John Lewis Partnership, Boots UK Ltd and Next PLC's Home unit. It was previously owned by LS Poole Retail Ltd.
Since ownership and as the asset manager, NewRiver has agreed new leases with existing occupiers and introduced Bensons for Beds to the park as a tenant on a ten-year lease.
"This disposal demonstrates the strong returns that can be generated from our experienced asset management platform through capital partnerships. In a short space of time we have completed numerous leasing transactions at the Retail Park which have improved the customer offer and supported the asset's income and valuation. We are delighted to have secured such good pricing on this disposal which demonstrates the inherent liquidity in our portfolio," said Chief Executive Allan Lockhart.
Shares in NewRiver REIT were up 1.8% at 87.57 pence on Thursday in London.
By Dayo Laniyan; dayolaniyan@alliancenews.com
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NewRiver (NRR)