Portfolio purchase update

RNS Number : 0832M

NewRiver Retail Limited

18 May 2010

 

NewRiver Retail Limited ("the Company")

Portfolio Purchase Update

NewRiver Retail Limited (AIM:NRR), the specialist value-creating retail property investment and asset management company, announces on behalf of NewRiver Retail Investments LP, the co-investment joint venture with Morgan Stanley Real Estate Investing (MSREI), that it has completed the acquisition of Albert Square Shopping Centre in Widnes, the ninth and final asset in the UBS Triton UK retail property portfolio.

This portfolio acquisition was originally announced by the Company on 1 March 2010. Acquired at a net initial yield of circa ten per cent., Albert Square is an 84,500 sq ft shopping centre anchored by Iceland, Argos and WH Smith. The purchase price for all nine assets was circa £49 million reflecting an overall net initial yield of circa nine per cent.

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For further information:

NewRiver Retail Limited                                                     Tel: [phone]

Serena Tremlett

NewRiver Capital Limited                                                   Tel: [phone]

David Lockhart

Cenkos                                                                                   Tel: [phone]

Ian Soanes

Max Hartley

Pelham Bell Pottinger                                                          Tel: [phone]

David Rydell

Rosanne Perry

About NewRiver

NewRiver Retail Limited is a specialist real estate investor and asset manager with a particular focus on the UK retail sector. NewRiver Retail is advised on property matters by its wholly-owned subsidiary, NewRiver Capital Limited, whose management team, led by David Lockhart, have more than 75 years combined experience in UK commercial property markets. The Company's activities include active and entrepreneurial asset management and risk controlled development, utilising both its own balance sheet and co-investment joint venture structures. It is NewRiver's intention to become one of the leading sector-focused value-creating property investment businesses operating in the UK retail sector. The Company was founded in 2009 and its shares were admitted to London's AIM and Channel Islands Stock Exchange (CISX) in September of the same year.

For more information on NewRiver, please visit www.newriverretail.com and www.newrivercapital.co.uk

 

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