Completion of acquisition of Sprucefield Retail Park, Lisburn
NewRiver is pleased to announce that it has completed the acquisition of Sprucefield Retail Park, Lisburn from Intu Properties plc for £40.0 million, representing a net initial yield of 8.7%. This follows the announcement on 25 November 2019 that NewRiver had exchanged contracts for the acquisition.
The acquisition will generate an additional £3.7 million of annualised Net Property Income for NewRiver, which will be highly accretive to Underlying Funds From Operations and significant in improving dividend cover, which is the Company's key priority.
The gross asset value subject to this transaction is £40.0 million, and this has been satisfied from existing resources and available credit facilities.
For further information
NewRiver REIT plc
+44 (0)20 3328 5800
Allan Lockhart (Chief Executive)
Mark Davies (Chief Financial Officer)
Tom Loughran (Head of Investor Relations)
+44 (0)20 7251 3801
NewRiver REIT plc ('NewRiver') is a leading Real Estate Investment Trust specialising in buying, managing, developing and recycling convenience-led, community-focused retail and leisure assets throughout the UK.
Our £1.3 billion portfolio covers 9 million sq ft and comprises 33 community shopping centres, 25 conveniently located retail parks and over 650 community pubs. Having hand-picked our assets since NewRiver was founded in 2009, we have deliberately focused on the fastest growing and most sustainable sub-sectors of the UK retail market, with grocery, convenience stores, value clothing, health & beauty and discounters forming the core of our retail portfolio. 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 in-built 2.3 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) and is a constituent of the FTSE 250 and EPRA indices. Visit www.nrr.co.uk for further information.
LEI Number: 2138004GX1VAUMH66L31
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