New River acquires Sprucefield Retail Park from Intu
New River has exchanged contracts to acquire Northern Ireland’s Sprucefield Retail Park from Intu in a £40 million deal.
Situated one mile south of Lisburn city centre, Sprucefield has 231,000 square feet of retail space, a 1,200-space car park and 18 acres of development land. Anchor retailers include Sainsbury’s and B&Q.
Allan Lockhart, New River chief executive, said: ” 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. In addition to an attractive long-term income return, the development land offers the opportunity to deliver significant capital growth, leading to a very attractive total return.”
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