NewRiver buys NIreland retail park for £40m

Real estate investment trust NewRiver said it had bought the Sprucefield retail park in Northern Ireland from Intu Properties for £40m representing a net initial yield of 8.7%.

Once completed, the acquisition will generate an additional £3.7m of annualised net property income, the company said on Monday.

The 47-acre site in Lisburn is a five-unit retail park providing 231,000 sq of retail space anchored by Sainsbury's and B&Q, and has an affordable average rent of £16.11 per sq ft, with a weighted average unexpired lease term of 7.5 years, NewRiver added.