Cornmill Shopping Centre acquired in £92 million deal

The Cornmill Shopping Centre in Darlington is one of three shopping centres to be acquired by NewRiver in a deal worth over £90 million.

As part of the deal, which is valued at £92.3 million, the retail property investor has also acquired the Capitol Shopping Centre in Cardiff and the Ridings Shopping Centre in Wakefield, which make up the Neptune Portfolio.

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

David Lockhart, CEO at NewRiver Retail, said: “Following our recently over-subscribed £150 million 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.”

Source: BQLive

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