Wakefield shopping centre bought in £108m deal

Wakefield shopping centre bought in £108m deal

Retail property investor NewRiver Retail is set to acquire four shopping centres, including the Ridings Shopping Centre in Wakefield, and two retail warehouses, for £108m.

NewRiver has exchanged contracts to acquire the Neptune Portfolio, which includes the Cornmill Shopping Centre in Darlington, the Capitol Shopping Centre in Cardiff; and the Ridings Shopping Centre in Wakefield, for £92.3m.

The investor has also purchased a retail warehouse adjacent to the Clifton Moor Retail Park in York for £4.7m, the Blenheim Shopping Centre in London for £6.9m and the Daventry Retail Park in Northamptonshire for £4.1m.

David Lockhart, CEO at NewRiver Retail, said: "Following our recently over-subscribed £150m equity raise, we are delighted to announce the swift deployment of the majority of the proceeds into these strategic acquisitions.

“The Neptune Portfolio marks another major shopping centre portfolio acquisition for NewRiver and the combined acquisitions present a range of immediate value-enhancing asset management and risk controlled development opportunities.

“We are confident that these acquisitions will add significant long term value for our shareholders.”

The shopping centres are home to a range of high quality retailers and anchor stores, including Next, Primark, Tesco, Morrisons, TK Maxx, Easy Gym and Boots.

The acquisitions will be funded with the £150m raised by NewRiver’s placing of 46.1 million new ordinary shares.