Real estate investor completes joint venture with Bravo Strategies for retail park
NewRiver has announcd that its joint venture with BRAVO Strategies III LLC has completed the acquisition of Poole Retail Park in Dorset from LS Poole Retail Limited, for total consideration of £44.7 million, reflecting a net initial yield of 8.0 percent. This follows the announcement on 12 September 2019 that the JV had exchanged contracts for the acquisition.
NewRiver will hold a 10 per cent interest in the asset and will benefit from 10 per cent of the net rental income. The real estate investment trust will be appointed as asset manager, in return for a management fee calculated with reference to the gross rental income of the asset, and will also receive a promote based on financial performance.
The gross asset value subject to the transaction is £44.7 million and NewRiver’s share of the transaction will be satisfied from existing resources and available credit facilities.