NewRiver and Pimco’s Bravo Strategies III have bought a 28-acre chunk of Sheffield city centre for £41m, in a move which hands it control of one of the city’s main shopping streets.
The joint venture has picked up the entire shopping area from Aberdeen Standard Investments for around £60 per sq ft, completing a deal which exchanged contracts in February.
ASI has been in talks to sell The Moor since late 2019. At the time, it was on the market for £89.4m. NewRiver has a 10% stake in the jv.
The estate includes 680,000 sq ft of retail and leisure space anchored by Next, Sainsbury’s and an occupier-owned Primark. The retail and leisure area has an average rent of £13.90 per sq ft. The Moor also has a nine-screen cinema and houses a covered marketplace owned by Sheffield City Council.
NewRiver has said the shopping centre comprises 15 assets that can be sold separately. It has identified the potential to develop up to 1,100 build-to-rent flats and up to 300 purpose-built student accommodation spaces at the location.
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