Member Article

Middlesbrough shopping centre snapped up for £50m

Middlesbrough’s Hillstreet Shopping Centre has been part acquired by a London retail investment firm for nearly £50m.

NewRiver Retail Limited and a Luxembourg firm have both acquired a 50% stake in the Centre, that represents NewRiver’s biggest single asset acquisition to date.

Hillstreet Shopping Centre comprises 224,000 sq ft of retail accommodation and a 753 space car park, and is anchored by key tenants such as Debenhams, Primark and Marks & Spencer.

David Lockhart, chief executive of NewRiver Retail, said: “The Hillstreet centre is our largest acquisition to date and demonstrates NewRiver’s ability to deploy the proceeds of the recent fundraise effectively and efficiently. We are also delighted to have the support of our joint venture partner LVS, to help facilitate our expansion.

“The acquisition enhances our diverse retailer portfolio and provides significant opportunity to unlock additional value in the Centre underpinned by a robust cashflow.

“The landmark acquisition is a testament to our ability to source and complete high yielding, income generating opportunities in order to drive long term shareholder value. The retail sector is pivotal to the UK economy and provides significant opportunities for NewRiver to continue its strong growth.”

NewRiver plan to make improvements to the entrances of the Centre, and could reconfigure the units there.

This was posted in Bdaily's Members' News section by Tom Keighley .