NewRiver REIT completes acquisition of Sprucefield Retail Park
Real estate investment trust NewRiver on Monday said it had completed its acquisition of Sprucefield Retail Park in Lisburn, Northern Ireland.
FTSE 250
19,601.98
17:09 25/04/24
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FTSE 350
4,434.34
17:09 25/04/24
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FTSE All-Share
4,387.94
16:49 25/04/24
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NewRiver REIT
76.00p
16:40 25/04/24
1.60%
1.20p
Real Estate Investment & Services
2,146.24
17:09 25/04/24
-0.77%
-16.66
NewRiver took ownership of Sprucefield from Intu Properties for £40m, paid out of existing resources and available credit facilities and representing a net initial yield of 8.7%.
The FTSE 250-listed trust said the acquisition would generate an additional £3.7m of annualised net property income, which was also expected to be highly accretive to underlying funds from operations and significant in improving the group's dividend cover - the company's key priority.
As of 0810 GMT, NewRiver shares had dipped 0.14% to 193.72p.