Partner Article

NewRiver Retail snaps up major South East London shopping destination for £120m

UK real estate investment firm NewRiver Retail Ltd has announced it has acquired a major South East London shopping centre and retail park.

The Broadway Shopping Centre and Broadway Square Retail Park have been snapped by the London-based investment trust for a combined sum of £120.25m, according to a statement released to the London Stock Exchange this morning.

Comprising 525,000 sq ft of retail space across 11 acres, the shopping destination makes up 60% of Bexleyheath’s retail space and is a major shopping and leisure destination for the South East of London and Kent.

Both the shopping centre and retail park are also fully let, with tenants including Marks & Spencer, TK Maxx and Boots, a major selling point that is likely to have attracted NewRiver, who already own 29 shopping centres across the country.

David Lockhart, NewRiver Retail Chief Executive Officer, commented: “The acquisition represents our first significant acquisition within the M25 and is our largest single shopping centre acquisition to date.

“This is an excellent addition to our portfolio and we are confident that our proven active asset management model will drive significant long term value for our shareholders.”

“Following the acquisition of the Neptune shopping centre portfolio in January this year for £108 million, this second major acquisition deploys the majority of the proceeds of our £150 million equity raise completed in January 2016, demonstrating our ability to swiftly deploy fresh capital for strategically selected assets that meet our returns criteria.”

“The acquisition also reflects the growing scale and financial strength of the Company in that we have now acquired two £100 million plus retail assets on our own balance sheet since the start of this year.”

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