NewRiver Retail pays £140m for three shopping centres
NewRiver Retail is acquiring a portfolio of three shopping centres. The purchase is being made through its Bravo joint venture – both parties are taking a 50% equity stake in the venture. In total they are buying 758,000 sq ft of space, let to 185 tenants, in three centres in Hastings, Newton Mearns (near Glasgow) and Newtonabbey (near Belfast).
The price equates to an initial yield of just less than 8%.
The average vacancy rate across the three centres is 3.5%.
Priory Meadow, Hastings, opened in 1997 has 292,000 sq ft of space and 1,086 car parking spaces. The Avenue, Newton Mearns, has 202,000 sq ft of space and 1,084 car parking spaces. The Abbey Centre in Newtonabbey has 264,000 sq ft of space and 1,104 car parking spaces – NewRiver Retail has already agreed to extend the Next store by 43,000 sq ft by partially redeveloping the centre.