NewRiver REIT has sold 90% of its interest in Sprucefield Retail Park in Lisburn, Northern Ireland to joint venture partner Bravo Strategies III for £34.7m.
It will retain 10% of the asset, valued at £3.9m, and has been appointed as asset manager.
The sale price represents a 3.5% discount to the £40m price tag when NewRiver acquired the asset from intu last year.
The deal was supported by a £20m loan from AIB. It brings NewRiver’s total disposals this year, FY21, to £50.4m, boosting the company’s LTV at March 2020 of 47.1% by 210 bps.
The REIT has sales of £65.7m completed, exchanged or under offer so far this year, at an aggregate 3% discount to March 2020 valuations.
It is continuing active discussions over a number of further sales, which are targeted for completion in the second half of the year.
Chief executive Allan Lockhart said: “One of our key priorities for this financial year is to dispose of £80m to £100m of assets, in order to improve our LTV in line with company guidance. This sale means we are ahead of target at the end of the first half, and we continue to add to our disposal pipeline.”
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