intu sells Northern Ireland retail park
intu has exchanged contracts for the sale of Sprucefield Retail Park to NewRiver REIT Plc for £40 million, in line with the June 2019 valuation
Sprucefield Retail Park is located in Lisburn, Northern Ireland and comprises of 231,000 sq ft of retail space in five units, anchored by Sainsburys and B&Q.
Allan Lockhart, Chief Executive at NewRiver REIT Plc, commented: “We are pleased to announce that we have exchanged contracts to acquire Sprucefield Retail Park. This high-quality asset will generate £3.7 million of annualised Net Property Income, which will be highly accretive to Underlying Funds From Operations and significant in improving our dividend cover, which is our key priority.
Matthew Roberts, chief executive of intu, commented: “We announced our new strategy at the interim results in July. A key element of this is fixing the balance sheet which includes creating liquidity through disposals. We are pleased to conclude this transaction, which along with the part-disposal of intu Derby and other sundry asset sales in 2019 brings the year to date disposals total to £268 million.”