NewRiver Retail has bought the Newlands Shopping Centre in Witham, Essex from Glandmore Investment for £5m – a yield of 9.7%.
The acquisition price reflects a reduction of 60% of the previously traded value in February 2007 at a price of £12.9m.
The Newlands Shopping Centre has 66,000 sq ft of shops and is anchored by Iceland, New Look, Card Factory, Greggs and Peacocks.
NewRiver also announced today that it has completed the acquisition of 60-64 Church Walk in Burgess Hill, West Sussex where the company already owns The Martlets shopping centre.
The unit has been acquired for £1.3m, which represents a net initial yield of 10.1%.
Executive director Nick Sewell said: “The pricing of these two assets is very attractive and represents a 50% discount to current replacement costs.”
Nick.whitten@estatesgazette.com
