NewRiver completes transaction trio
Real estate investment trust NewRiver Retail has bought the Lower Audley Street Retail Park in Blackburn and a 10,500 sq ft Staples in Chester for £16.7m, and has sold a 10,000 sq ft convenience store in Preston for £1.43m, a yield of 5.96%.
The 114,000 sq ft Blackburn park was acquired from a private property company. Tenants include B&M, Maplin, Mothercare, Halfords, Burger King, Chiquitos, Frankie & Benny's.
The DWF team, including real estate partner Abigail Dry and senior associate Tim Richards, advised NewRiver Retail on the transactions.
NewRiver Retail is a specialist AIM-listed REIT focused on the UK food and value retail market.
According to a statement, "these acquisitions are in line with NewRiver's opportunistic approach, and their selective investment into the retail warehouse sector, which in certain areas offers excellent value. The disposals demonstrate NewRiver's commitment to recycling capital."
Allan Lockhart, property director at NewRiver Retail, said: "As we approach our 31 March year end, we are pleased to complete these opportunistic purchases at a blended yield of 8.7% extending our selective investment into the retail warehouse sector. During our financial year we have deployed our shareholders' capital into a total of £332m of acquisitions of which 89% have been shopping centres and we have disposed of £40.2m of assets."