Advertisement

NewRiver Retail and LVS Luxembourg acquire five UK shopping centres

NewRiver Retail has entered into a joint venture with LVS Luxembourg to purchase a portfolio of five UK shopping centres, the company announced Wednesday.

NewRiver Retail has entered into a joint venture with LVS Luxembourg to purchase a portfolio of five UK shopping centres, the company announced Wednesday.

The real estate retail investor has acquired a 10% interest in the project, with the remaining 90% held by LVS.

The companies have exchanged contracts to procure the portfolio from Zurich Assurance Limited for a total consideration of £85 million.

Advertisement - Article continues below

The shopping centres are comprise by three freehold and two long-leasehold shopping centres located in Leamington Spa, Cowley, Kilmarnock, Bridlington and Hull at a net initial yield of 9.7%.

The total letting area covers 1 million square feet and 205 tenancies which include HS, Boots, Sainsbury's, Poundland and Wilkinson.

NewRiver stated: "In line with the Company's core strategy of active asset management, NewRiver has also identified a significant level of value-enhancing opportunities across the portfolio. Subject to completion, NewRiver will receive a projected annual fee of approximately £0.4m for management of the assets being acquired by the Joint Venture."

Shares were up 0.37% to 205.00p at 14:35 Wednesday.

RD

Advertisement
Advertisement

Recommended

Broker safety – your questions answered
Investment strategy

Broker safety – your questions answered

Cris Sholto Heaton answers more of your questions about the safety of stockbroker accounts
25 Mar 2020
How demographics affects stock valuations
Investment strategy

How demographics affects stock valuations

New research suggests that stock and bond valuations are driven by the age of the population – at least in the US.
24 Feb 2020
Do you own shares in Sirius Minerals? Here’s what you need to do now
Stocks and shares

Do you own shares in Sirius Minerals? Here’s what you need to do now

Mining giant Anglo American has proposed a cash takeover of Yorkshire-based minnow Sirius Minerals. Unhappy shareholders must decide whether to accept…
20 Feb 2020
Why investors should be “cautiously bullish” for 2020
Stockmarkets

Why investors should be “cautiously bullish” for 2020

Analysts have been out in force making rosy predictions for stockmarkets in 2020, but while there is certainly a case for optimism, investors should r…
17 Jan 2020

Most Popular

OBR: UK house prices could fall by 12% next year
House prices

OBR: UK house prices could fall by 12% next year

The Office for Budget Responsibility says UK house prices could fall by as much as 12% next year. John Stepek looks at how likely that is.
14 Jul 2020
Three ideas for Lloyds Bank's new boss
UK stockmarkets

Three ideas for Lloyds Bank's new boss

The Black Horse needs whipping into shape. A change at the top provides a great opportunity, says Matthew Lynn.
12 Jul 2020
We’re spending more than at any time since World War II – how will we pay it back?
UK Economy

We’re spending more than at any time since World War II – how will we pay it back?

With the UK spending vast sums on stimulus measures, this year’s budget deficit will be greater than at any time since World War II. The big question,…
14 Jul 2020