NewRiver in joint venture with Bravo Strategies III LLC („Bravo“) in which it holds a 10% stake has completed the acquisition of The Moor, a 28 acre estate (c. 113,312 m²) in Sheffield city centre, from CEP ASI UKPF Nominee 1 Limited and CEP ASI UKPF Nominee 2 Limited, for total consideration of £41.0 million (c. €48.13 million), representing a capital value of £60 per sq ft. This follows the announcement on 19 February 2021 that the JV had exchanged contracts for the acquisition.
The gross asset value subject to the transaction is £41.0 million and NewRiver's share of the consideration has been satisfied from existing resources. The company will hold a 10% interest in the asset (NewRiver share: £4.1 million) and will benefit from 10% of the net rental income of £4.0 million per annum (NewRiver share: £0.4 million per annum). The company has also been appointed as asset and development manager, in return for a management fee calculated with reference to the gross rental income and development costs of the asset, and will receive a promote based on financial performance.