NewRiver REIT (LON: NRR) has this morning announced that it has completed the acquisition of Sprucefield Retail Park, Lisburn from Intu Properties plc for £40.0 million, representing a net initial yield of 8.7%. This follows the announcement on 25 November 2019 that NewRiver had exchanged contracts for the acquisition.
The acquisition will generate an additional £3.7 million of annualised Net Property Income for NewRiver REIT, 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.
