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NewRiver REIT completes acquisition of Sprucefield Retail Park
2nd Dec 2019 08:14
(Sharecast News) - Real estate investment trust NewRiver on Monday said it had completed its acquisition of Sprucefield Retail Park in Lisburn, Northern Ireland.
NewRiver took ownership of Sprucefield from Intu Properties for £40m, paid out of existing resources and available credit facilities and representing a net initial yield of 8.7%.
The FTSE 250-listed trust said the acquisition would generate an additional £3.7m of annualised net property income, which was also expected to be highly accretive to underlying funds from operations and significant in improving the group's dividend cover - the company's key priority.
As of 0810 GMT, NewRiver shares had dipped 0.14% to 193.72p.
NewRiver took ownership of Sprucefield from Intu Properties for £40m, paid out of existing resources and available credit facilities and representing a net initial yield of 8.7%.
The FTSE 250-listed trust said the acquisition would generate an additional £3.7m of annualised net property income, which was also expected to be highly accretive to underlying funds from operations and significant in improving the group's dividend cover - the company's key priority.
As of 0810 GMT, NewRiver shares had dipped 0.14% to 193.72p.