NewRiver’s joint venture with Bravo Strategies III LLC has completed the acquisition of Poole Retail Park in Dorset.
The firms bought the retail park from LS Poole Retail for £44.7m, reflecting a net initial yield of 8%.
This follows the announcement in September that the jv had exchanged contracts for the acquisition.
NewRiver will hold a 10% interest in the asset and will benefit from 10% of the net rental income. NewRiver will be appointed as asset manager, in return for a management fee calculated with reference to the gross rental income of the asset.
Including this acquisition, the jv established in May 2019 has acquired £105.1m of assets, reflecting a net initial yield of 9%.
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