Asda sale nets NewRiver £17.9m
NewRiver has sold a 70,000-sq ft Asda foodstore and petrol filling station at St Elli shopping centre, Llanelli to a private investor for £17.9m, representing a net initial yield of 6.9% and a 1% discount to March 2019 valuation.
Chief executive Allan Lockhart said the transaction demonstrates significant progress against NRR’s target to recycle 5% of its portfolio this financial year. He said: “Since 1 April 2019, we have sold, or are under offer to sell, £30.7m of assets at a blended net initial yield of 5.8% and, in-line with our strategy, we have already recycled the proceeds of these disposals into our previously-announced acquisition of four retail parks, through a joint venture, for a net initial yield of 9.8%.”
