NewRiver Retail has exchanged contracts to sell its 50,800 sq ft Princes House in Shrewsbury, Shropshire, to Rockspring PIM for £9.6m – a 7.2% yield.
The retail investor said that it had also completed the sale of a 16,000 sq ft store at 50-60 Union Street in Glasgow to the Nobel Group, the principal tenant, for £1.3m.
Both disposals were of assets purchased in March 2010 as part of the UBS Triton Property Fund acquisition.
NewRiver property director Allan Lockhart said: “These transactions demonstrate the capabilities of NewRiver to acquire real estate, enhance value and realise capital through a sale in a relatively short period. We are very pleased with the performance of these assets and we look forward to recycling the surplus generated into new and exciting projects.”
samantha.mcclary@estatesgazette.com
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