NewRiver acquires Sprucefield Retail Park for £40 million
LONDON: NewRiver REIT has completed the acquisition of Sprucefield Retail Park, Lisburn from Intu Properties plc for £40 million.
The acquisition will generate an additional £3.7 million of annualised Net Property Income for NewRiver, which will be highly accretive to Underlying Funds From Operations and significant in improving dividend cover, which is the Company's key priority.
The gross asset value subject to this transaction is £40.0 million, and this has been satisfied from existing resources and available credit facilities.
NewRiver REIT plc is a leading Real Estate Investment Trust specialising in buying, managing, developing and recycling convenience-led, community-focused retail and leisure assets throughout the UK.