NewRiver Retail, the retail property investment firm, has completed the acquisition from LVS of the remaining 90% of the NewRiver Retail Property Unit Trust for £71m.
The company has financed the acquisition through the proceeds of an equity issue of 27,272,727 new ordinary shares in NewRiver, raising gross proceeds of approximately £75m.
The unit trust has total assets with a net lettable area of almost 1m sq ft across over 200 tenancies. The porfolio includes five shopping centres located in Oxford, Hull, Bridlington, Kilmarnock and Leamington Spa, and a high street asset in Hull.
Since NewRiver’s acquisition of the original 10% interest in 2012, the group said the assets had performed well and had benefited from an active asset management programme.The group added there were a range of opportunities to enhance value through further asset management initiatives and risk-controlled development, which were already being progressed by NewRiver.
Shares in the company rose 0,65p (0.22%) in early trading.