NewRiver REIT PLC Completion of The Moor acquisition in BRAVO JV (3957U)

TIDMNRR

RNS Number : 3957U

NewRiver REIT PLC

06 April 2021

NewRiver REIT plc

("NewRiver" or the "Company")

Completion of acquisition of The Moor, Sheffield in a Joint Venture with BRAVO

NewRiver is pleased to announce that its joint venture with BRAVO Strategies III LLC ("BRAVO") in which it holds a 10% stake has completed the acquisition of The Moor, a 28 acre estate in Sheffield city centre, from CEP ASI UKPF Nominee 1 Limited and CEP ASI UKPF Nominee 2 Limited, for total consideration of GBP41.0 million, representing a capital value of GBP60 per sq ft. This follows the announcement on 19 February 2021 that the JV had exchanged contracts for the acquisition.

The gross asset value subject to the transaction is GBP41.0 million and NewRiver's share of the consideration has been satisfied from existing resources. NewRiver will hold a 10% interest in the asset (NewRiver share: GBP4.1 million) and will benefit from 10% of the net rental income of GBP4.0 million per annum (NewRiver share: GBP0.4 million per annum). NewRiver has also been appointed as asset and development manager, in return for a management fee calculated with reference to the gross rental income and development costs of the asset, and will receive a promote based on financial performance.

For further information

 
     NewRiver REIT plc                               [phone] 
     Allan Lockhart (Chief Executive) 
      Mark Davies (Chief Financial Officer) 
     Emily Meara (Head of Investor 
      Relations) 
 
 
                               [phone] 
     Finsbury                   3801 
     Gordon Simpson 
      James Thompson 
 

About NewRiver

NewRiver REIT plc ('NewRiver') is a leading Real Estate Investment Trust specialising in buying, managing and developing essential retail and leisure assets throughout the UK.

Our GBP1.1 billion portfolio covers 9 million sq ft and comprises 33 community shopping centres, 19 conveniently located retail parks and around 700 community pubs. We hand-picked our assets to deliberately focus on occupiers providing essential goods and services, and avoid structurally challenged sub-sectors such as department stores, mid-market fashion and casual dining. This focus, combined with our affordable rents and desirable locations, delivers sustainable and growing returns for our shareholders, while our active approach to asset management and inbuilt 2.6 million sq ft development pipeline provide further opportunities to extract value from our portfolio.

NewRiver has a Premium Listing on the Main Market of the London Stock Exchange (ticker: NRR). Visit www.nrr.co.uk for further information.

LEI Number: 2138004GX1VAUMH66L31

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [e-mail] or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.

END

JVESSIFMFEFSEEL

(END) Dow Jones Newswires

April 06, 2021 02:00 ET (06:00 GMT)