NewRiver REIT has offloaded two retail assets, Mount Street Retail Park in Wrexham, and Saltney Retail Park in Chester, to M7 Real Estate reflecting a blended net initial yield of 7.6%.
The Mount Street Retail Park is the larger of the two, comprising 55,300 sq ft of retail space and anchored by a Matalan store, along with 213 car parking spaces. Other occupiers include Euro Car Parts and Colour Supplies.
NewRiver bought the Wrexham site as part of a £17.4m portfolio purchase in June 2014; the others were in Paisley, Norfolk, and Hull, and sold for £1.8m, £4.3m, and £11.2m respectively.
The site at Saltney features a 48,200 sq ft Go Outdoors store with 380 car parking spaces, and has been owned by NewRiver since July 2015.
Charles Spooner, director of NewRiver REIT said: “We are delighted to have completed the profitable disposal of these two assets, in turn disposing of the final asset in the Linear portfolio.
“This portfolio, which was our first investment into retail parks, has delivered an attractive return over its period of ownership and we have profitably recycled these assets over the past few years. These latest sales, ahead of March and September 2018 valuations, provide further evidence of the liquid market for conveniently-located retail assets with a small lot size.”