NewRiver sells Asda foodstore, petrol station for ?17.9m

4th Jun 2019 07:36

(Sharecast News) - Real estate investment trust NewRiver said it had sold a 70,000 sq ft Asda foodstore and petrol filling station in Wales to a private investor for £17.9m.The company on Friday said the sale represented a net initial yield of 6.9% and a 1% discount to March 2019 valuation.The deal brings NewRiver's total disposal proceeds since 1 April 2019 to £20.9m, completed at a blended net initial yield of 6.6%.NewRiver has started a strategy of recycling capital from low yielding assets into higher yielding opportunities in joint ventures.