NewRiver REIT has acquired Ellandi for an initial cash consideration of £5m.
This acquisition will incorporate Ellandi’s 16 shopping centre asset management mandates, spanning over 6.3 million square feet and 10 different partners , into NewRiver’s portfolio. Consequently, NewRiver’s combined capital partnership business will now manage £1.5bn in assets across a portfolio of 21 shopping centres and 18 retail parks.
Allan Lockhart, chief executive of NewRiver, said: “We believe there will be considerable opportunities in the retail real estate market to accelerate the growth of our business from this point. By bringing together two high-quality teams with complementary skills and experience in asset management and regeneration, together with the balance sheet resources we have available, we are well positioned to participate in these opportunities, both on the balance sheet and through capital partnerships.”
Ellandi’s two co-founders and owners, Morgan Garfield and Mark Robinson, will join NewRiver as head of capital partnerships and head of regeneration respectively. They will also join the executive committee.
Mark Robinson said: “Morgan and I are extremely proud of what the team at Ellandi have achieved to date in delivering sustainable change to the UK’s retail places and believe this transaction creates an exciting opportunity to combine two market leading retail asset management businesses with shared growth ambitions.”
