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NewRiver REIT buys £73.5M Leeds retail park in Singapore JV
The deal includes a topped-up net initial yield of 7.0%, with NewRiver funding a £9.3M net equity investment for a 25% stake.
NewRiver REIT has acquired The Springs Retail Park in Leeds for £73.5M in a joint venture with two Singapore-based property investors, according to Bisnow.
The purchase, which was bought from Legal & General, is described as NewRiver's first acquisition for the capital partnership with Soilbuild Group Holdings and United Engineers, with NewRiver holding a 25% stake and the other partners jointly holding 75%.
The capital partnership targets a topped-up net initial yield of 7.0%, and an equivalent yield of 7.9%, and NewRiver is set to require a £9.3M net equity investment following completion of a loan facility.
Bisnow reports the partnership is intended to expand NewRiver's UK retail park estate over the medium term, with NewRiver providing acquisition, financing, and asset management services.