NOTE: This content is old - Published: Tuesday, Feb 12th, 2019.
Real Estate investment trust NewRiver has sold two of its North East Wales retail parks for £12.3 million.
Saltney Retail Park on River Lane along with Mount Street Retail Park in Wrexham have been bought by M7 Real Estate.
Saltney Retail Park comprises a 48,200 sq ft retail warehouse with 380 car parking spaces which is let to Go Outdoors since its acquisition by NewRiver in July 2015.
Mount Street Retail Park comprises a 55,300 sq ft retail park anchored by Matalan with 213 car parking spaces.
M7 Real Estate describe themselves as ‘one of the leading specialists in the pan-European, regional, multi-let real estate market’ with around 1400 assets worth £7.1bn.
NewRiver REIT Plc specialises in buying, managing and developing retail and leisure assets in the UK, and have a £1.9bn portfolio that includes 34 shopping centers and 19 retail parks.
Charles Spooner, NewRiver Director, said: “We are delighted to have completed the profitable disposal of these two assets, in turn disposing of the final asset in the Linear portfolio.
This portfolio, which was our first investment into retail parks, has delivered an attractive return over its period of ownership and we have profitably recycled these assets over the past few years. These latest sales, ahead of March and September 2018 valuations, provide further evidence of the liquid market for conveniently-located retail assets with a small lot size.”