NewRiver acquires Scottish retail parks in £60m deal
today May 23, 2019
Kittybrewster Retail Park in Aberdeen, Telford Retail Park and Wakes Retail Park on the Isle of Wight in Inverness have changed hands for £60.5 million.
The retail destinations will be part of a new portfolio held under a joint venture between investment trust NewRiver and Bravi Strategies, a fund managed by the Pacific Investment Management Company (Pimco).
They were acquired from Zurich Assurance this week, reported The Scotsman.
NewRiver is a a leading property investor, manager and developer, whose portfolio includes shopping centres like The Broadway in Bexleyheath, Grays in Essex and Prospect Centre in Hull.
Kittybrewster Retail Park is a 154,400 square-foot destination housing leading brands including Sports Direct, TK Maxx and B&M, while Telford Retail Park provides 179,500 sq ft and brands like Laura Ashley, Next, TK Maxx, Decathlon and Outfit.
The deal, agreed in principle, also includes two units at Kingsway East Retail Park in Dundee which are currently let to discounter B&M and home decor retailer Harry Corry.
NewRiver will have a 50% interest in the joint venture and benefit from half of the net rental income. The share has been valued at £3.1 million per annum.
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