NewRiver Retail this morning confirmed it has completed the purchase of the long leasehold interest of The Sovereign Shopping Centre in Boscombe, Dorset.
The property is being bought from UBS Global Asset Management for £12m, funded through a mixture of cash and debt, and reflects a net initial yield of around 9.6%.
The 86,000 sq ft shopping centre is anchored by Sports Direct, Poundland, Peacocks, 99p Stores and New Look.
In its portfolio update, NewRiver also confirmed it had recently completed the purchase of 23-24 Market Place in Great Yarmouth, Norfolk, for £2.5m. The purchase of the 41,280 sq ft property has been funded with cash.
NewRiver has also completed the sale of 41 George Street in Canterbury, Kent, to a private client of Henderson Global Investors, for £5m, reflecting an exit yield of 6.3%.
james.buckley@estatesgazette.com
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