British shopping centre operator Intu has sold Sprucefield Retail Park
in Northern Ireland to NewRiver for 40 million pounds.
The 231,000-square-foot retail park is located in Lisburn and divided
into five units, anchored by Sainsburys and B&Q.
Matthew Roberts, chief executive of Intu, said in a statement: “We
announced our new strategy at the interim results in July. A key element of
this is fixing the balance sheet which includes creating liquidity through
disposals. We are pleased to conclude this transaction, which along with
the part-disposal of Intu Derby and other sundry asset sales in 2019 brings
the year to date disposals total to 268 million pounds.”
Once completed, the acquisition is expected to generate an additional
3.7 million pounds of annualised net property income for NewRiver.
NewRiver CEO Allan Lockhart, commented: “In addition to an attractive
long-term income return, the development land offers the opportunity to
deliver significant capital growth, leading to a very attractive total
return. Our successful disposal programme in this financial year places us
in a position to take advantage of current market dislocations and make
highly accretive acquisitions such as Sprucefield Retail Park and the
recently-acquired Poole Retail Park.”
Photo: Matthew Roberts. Courtesy of Intu