NewRiver REIT Completes GBP40 Million Purchase Of Lisburn Retail Park

(Alliance News) - NewRiver REIT PLC on Monday said it has completed the GBP40.0 million ...

Alliance News 2 December, 2019 | 9:25AM
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(Alliance News) - NewRiver REIT PLC on Monday said it has completed the GBP40.0 million acquisition of Sprucefield Retail Park in Lisburn, Northern Ireland.

On Monday last week, NewRiver announced it had exchanged contracts for the deal with Intu Properties PLC.

The GBP40.0 million represents an 8.7% net initial yield on the property, which is expected to generate another GBP3.7 million of annualised net property income for NewRiver. The deal will be funded using the firm's existing resources as well as its available credit facilities.

The acquisition expected to be "highly accretive" to the real estate investment trust's underlying funds from operations, as well as significantly improving its dividend cover, a "key priority".

Shares in NewRiver were down 1.8% at 190.51 pence in London on Monday morning.

By Anna Farley; annafarley@alliancenews.com

Copyright 2019 Alliance News Limited. All Rights Reserved.

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Securities Mentioned in Article

Security Name Price Change (%) Morningstar
Rating
NewRiver REIT PLC 61.50 GBX -1.91 -

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