NewRiver and Bravo Strategies III have completed the sale of their 208,000 sq ft Poole Retail Park in Dorset for £58m – a 6.6% yield.
The sale price reflects a 7.4% premium to its latest valuation and is 30% higher than when NewRiver and Bravo bought it in October 2019. They paid £44.7m – an 8% yield – for the property two years ago.
The pair have undertaken a number of asset management activities on the property during its ownership, including securing a 10-year lease extension and more than 60% rental uplift with Homebase, plus new lease agreements with existing occupiers Boots and Next. Bensons for Beds and Sports Direct were also secured as new tenants on the park, both on 10-year leases.
NewRiver chief executive Allan Lockhart said: “This disposal demonstrates the strong returns that can be generated from our experienced asset management platform through capital partnerships. In a short space of time we have completed numerous leasing transactions at the retail park which have improved the customer offer and supported the asset’s income and valuation. We are delighted to have secured such good pricing on this disposal which demonstrates the inherent liquidity in our portfolio.”
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