Wakes Retail Park in Newport looks set to change hands as part of a £60.5million acquisition of 4 retail parks across the country by a London-based property investor.
NewRiver REIT have exchanged contracts to buy a portfolio of 4 retail parks from Zurich Assurance: Kittybrewster Retail Park, Aberdeen; Telford Retail Park, Inverness; units in Kingsway East Retail Park, Dundee and Wakes Retail Park here on the Isle of Wight.
It is intended that the acquisition of the portfolio will be completed by a joint venture between NewRiver and Bravo Strategies III LLC, a fund managed by the Pacific Investment Management Company, once established.
Allan Lockhart, Chief Executive, commented:
“We are delighted to be forming this joint venture with BRAVO, re-establishing a successful partnership that dates back to 2012, and has a track record of delivering growing returns to our shareholders.
“Recycling our capital from disposals into joint ventures enables us to secure a superior return on our capital and provides us with significant additional firepower to take advantage of the current dislocation in the retail real estate market.
“The portfolio of retail parks we have contracted to acquire is highly complementary to our existing portfolio, providing a low entry price, robust cashflows and opportunities to extract further income through active asset management and risk-controlled development opportunities.”
Wakes Retail Park provides 40,800sq ft of retail space across 3 units, currently occupied by Pets at Home, Currys PC World and 1 empty unit. NewRiver say that the park has alternative use potential for hotels and residential.
Here we go again, more housing that isn’t needed (or can’t be afforded) by Islanders. Alternative potential would involve demolishing a building that was only build a few years ago. Typical ‘Bean Counter’ activity
Residential? Well I can’t think of a nicer part of Newport to live than the middle of Riverway Industrial Estate. Hotel? Possibly – but residential??? Really?
How pathetic.we don’t need anymore hotels and house’s over here. Why don’t they do up all the dilapidated properties up instead.theres plenty over here.this is the time that the council should step in and say NO!!!!!