NewRiver swoops on string of retail assets

Retail investment specialist NewRiver Retail is buying four shopping centres and two retail warehouses in deals totalling £108 million.

NewRiver Retail: Shopping centre deal

The Aim-quoted company said it had exchanged contracts to acquire the Neptune Portfolio for £92.3m, equating to a net initial yield of 8 per cent.

The portfolio comprises three assets – the Ridings Shopping Centre, Wakefield in West Yorkshire; the Cornmill Shopping Centre, Darlington in the north east of England; and the Capitol Shopping Centre, Cardiff in South Wales.

NewRiver has also completed the acquisition of three further retail assets, comprising one shopping centre in south-east London and two retail warehouses for a total of £15.6m, at a net initial yield of 7.3 per cent.

Chief executive David Lockhart, who founded Glasgow-based Halladale, said: “We are confident that these acquisitions will add significant long-term value.”