NewRiver has exchanged conditional contracts to acquire the remaining 50% share in its BRAVO joint ventures for £59.4m, allowing the company to gain full control of four UK shopping centres.
The shopping centres have a total value of £240m, a 7.3% yield.
The 320,000 sq ft Abbey Centre in Newtownabbey, Belfast is anchored by Next, Dunnes and Primark.
The 202,000 sq ft Avenue Shopping Centre in Newton Mearns, Glasgow is anchored by a 102,000 sq ft Asda foodstore; occupiers include M&S Simply Food and Boots.
The 290,000 sq ft Priory Meadow Shopping Centre in Hastings is anchored by a 43,000 sq ft Marks & Spencer store; occupiers include Poundland, Boots and H&M.
The 240,000 sq ft Hill Street Shopping Centre in Middlesbrough is anchored by a 62,000 sq ft Primark store.
Prior to the acquisition, the company owned 50% of the units in the BRAVO joint ventures, the NewRiver Retail Property Unit Trust No 2, the NewRiver Retail Property Unit Trust No 5, the NewRiver Retail Property Unit Trust No 6 and the NewRiver Retail Property Unit Trust No 7. The joint ventures hold the properties, which were acquired off market in 2013 and 2014.
The acquisition will involve transferring £121.2m of gross debt onto the company’s consolidated balance sheet.
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