NewRiver has signed an asset management agreement with Canterbury City Council to manage Whitefriars Shopping Centre.
This agreement is the first to be signed by the group since May 2018, when it announced its longer-term strategy to adapt to the changing retail real estate market.
The agreement will initially be for two years, with the option of a roll-on for a further two years. The retail property company will not acquire an equity stake in the centre as part of the agreement.
Whitefriars Shopping Centre is the dominant regional shopping centre for East Kent and is located in the heart of Canterbury, with a catchment of 270,000 people within a 30-minute drive and annual footfall of 13m.
It has 75 units across 474,000 sq ft and 530 car parking spaces, and is anchored by Fenwicks, Marks & Spencer, Next and Primark.
Allan Lockhart, chief executive of NewRiver, said: “NewRiver’s selection by the council in a competitive tender process demonstrates that our strong relationships with retailers and track record of successful asset management makes us the clear choice for third-party retail asset owners.
“Against a growing trend of local authorities purchasing shopping centre assets and taking control of their town centres, NewRiver is ideally positioned to provide best-in-class asset management expertise to them, delivering thriving assets for local communities and sustainable, long-term revenue for our shareholders.”
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