NewRiver sells Poole Retail Park in Dorset
Landlord NewRiver Retail has sold Poole Retail Park to M7 Real Estate and Oxford Properties, for £58 million.
Located between the towns of Poole and Bournemouth in Dorset, the retail park comprises 14 units offering 208,000 sq ft of retail space. Its tenants include John Lewis at Home, Next, Boots and Decathlon.
NewRiver CEO Allan Lockhart, said: “We are pleased to agree to this sale which, as we have already demonstrated through our recent disposal of Blenheim Shopping Centre in Penge, highlights the significant value we can create through our regeneration expertise.
"On completion, this disposal will further improve our loan-to-value (LTV), strengthening our position as we execute our resilient retail strategy.”
NewRiver acquired Poole Retail Park for £44.7 million in 2019.
It's new owner, M7 Real Estate and Oxford Properties describes itself as a specialist in pan-European, regional, multi-tenanted commercial real estate. It manages over 570 retail, office and industrial properties with a value around €4.3 billion.
This is second sell off in as many days for NewRiver. Yesterday the landlord revealed it had sold the Templars Square shopping centre in Cowley, Oxford for £38.8 million to real estate investment manager and developer Redevco.