AIM-listed retail REIT NewRiver Retail is raising £75m through a share placing to take full ownership of one of its shopping centre joint ventures.
The REIT will pay LVS, a subsidiary of Bravo, a fund advised by Pacific Investment Management Company, £71m for the 90% it does not yet own in the portfolio of six assets.
The properties, which cover 1m sq ft and have 200 tenants with an average expiry of 7.2 years, include the 290,000 sq ft Templars Square in Oxford, the 240,000 sq ft Prospect Centre and adjacent 49,000 sq ft Ferensway in Hull, Yorkshire, the 185,000 sq ft Burns Mall in Kilmarnock, East Ayrshire,
and the 54,000 sq ft Regent Court in Leamington Spa, Warwickshire. The off market purchase reflects a 7.75% yield.
