6 Apr 2021 07:00
NewRiver REIT plc
("NewRiver" or the "Company")
Completion of acquisition of The Moor, Sheffield in a Joint Venture with BRAVO
NewRiver is pleased to announce that its joint venture with BRAVO Strategies III LLC ("BRAVO") in which it holds a 10% stake has completed the acquisition of The Moor, a 28 acre estate in Sheffield city centre, from CEP ASI UKPF Nominee 1 Limited and CEP ASI UKPF Nominee 2 Limited, for total consideration of £41.0 million, representing a capital value of £60 per sq ft. This follows the announcement on 19 February 2021 that the JV had exchanged contracts for the acquisition.
The gross asset value subject to the transaction is £41.0 million and NewRiver's share of the consideration has been satisfied from existing resources. NewRiver will hold a 10% interest in the asset (NewRiver share: £4.1 million) and will benefit from 10% of the net rental income of £4.0 million per annum (NewRiver share: £0.4 million per annum). NewRiver has also been appointed as asset and development manager, in return for a management fee calculated with reference to the gross rental income and development costs of the asset, and will receive a promote based on financial performance.
For further information
NewRiver REIT plc | +44 (0)20 3328 5800 | ||
Allan Lockhart (Chief Executive) Mark Davies (Chief Financial Officer) | |||
Emily Meara (Head of Investor Relations) |
Finsbury | +44 (0)20 7251 3801 | |||
Gordon Simpson James Thompson |
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About NewRiver
NewRiver REIT plc ('NewRiver') is a leading Real Estate Investment Trust specialising in buying, managing and developing essential retail and leisure assets throughout the UK.
Our £1.1 billion portfolio covers 9 million sq ft and comprises 33 community shopping centres, 19 conveniently located retail parks and around 700 community pubs. We hand-picked our assets to deliberately focus on occupiers providing essential goods and services, and avoid structurally challenged sub-sectors such as department stores, mid-market fashion and casual dining. This focus, combined with our affordable rents and desirable locations, delivers sustainable and growing returns for our shareholders, while our active approach to asset management and inbuilt 2.6 million sq ft development pipeline provide further opportunities to extract value from our portfolio.
NewRiver has a Premium Listing on the Main Market of the London Stock Exchange (ticker: NRR). Visit www.nrr.co.uk for further information.
LEI Number: 2138004GX1VAUMH66L31
NewRiver (NRR)