Shopping complex and development giants, NewRiver Retail have successfully completed its three strategic acquisitions, using the remainder of the money raised in the company’s recent equity fund raise.
Totalling £121m the acquisitions are: The Ramsay Retail Warehouse Portfolio for a total of £69.1 million which has been acquired from a major foodstore operator and comprises 13 assets and includes nine value-led retail parks and four development sites each with approved planning consents; The £29 million acquisition from LVS, a subsidiary of Bravo II, for the acquisition of the 50% stake not already owned by NewRiver in the Trent JPUT – the Marston’s public house portfolio of 202 pubs – bringing the portfolio 100% under NewRiver’s ownership; The £23 million acquisition from LVS, a subsidiary of Bravo II, of the 50% stake not already owned by NewRiver, in the Camel III JPUT – a portfolio of five shopping centres also bringing the portfolio 100% under NewRiver’s ownership.
These three acquisitions use up the £150m NewRiver raised through share pricing which they announced in June 2015. It therefore acquired the additional 50% stake in the Marstons portfolio not owned by the group. In 2013 NewRiver acquired 202 pubs from Marstons for potential development as convenience stores.
David Lockhart, chief executive at NewRiver Retail, said: “We are delighted to have completed these three major acquisitions totalling £121 million, effectively deploying the £150 million equity capital raised which completed last week. Following the completion of these acquisitions our assets under management now total £918 million, the vast majority of which are on our own balance sheet.”