Source - SMW
NewRiver REIT has acquired two retail parks for a combined consideration of £26.5 million, representing an initial yield of 8.9% and a capital value of £141 per sq ft. 

The Rishworth Centre and adjoining Railway Street Retail Park were acquired from an institutional investor for £14.3 million, which equates to a net initial yield of 7.9%. The assets have an average rent of £12.98 per sq ft and a weighted average unexpired lease term of 5.7 years.

The assets are located in the main retail warehouse concentration in Dewsbury, West Yorkshire, adjacent to a Sainsburys superstore and close to the local civic amenities and public transport links of Dewsbury town centre. The 68,400 sq ft Rishworth Centre comprises four retail units and 265 free car parking spaces, and the 23,700 sq ft Railway Street Retail Park comprises three retail units and 116 free car parking spaces. The occupier line-up includes Next, Pets At Home and Iceland.

The Valegate Retail Park was acquired from an administrator for £12.2 million, which equates to a net initial yield of 10.0%. The asset has average rents of £13.82 per sq ft and, with a weighted average unexpired lease term of only 3.1 years.

The asset is located on the edge of Cardiff City Centre. It sits directly opposite a Tesco superstore and an owner occupied Marks & Spencer. The 93,600 sq ft retail park comprises seven units and 325 free car parking spaces and is anchored by TK Maxx. 


At 8:13am: (LON:NRR) NewRiver Retail Ltd share price was +0.25p at 294.75p



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NewRiver Retail (NRR)

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