NewRiver has announced that its joint venture with BRAVO Strategies III LLC, in which it holds a 10% stake has completed the acquisition of The Moor, a 28 acre estate 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.
This follows the announcement in February that the JV had exchanged contracts for the acquisition.
In a statement, NewRiver said: "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. NewRiver will hold a 10% interest in the asset and will benefit from 10% of the net rental income of £4.0 million per annum.
"NewRiver 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."
In a statement, issued in February, NewRiver said: "The Moor estate is located in Sheffield city centre and is close to the city's railway station, council offices, and both Sheffield University and Sheffield Hallam University. It is one of Sheffield's designated city centre 'quarters' and has benefitted from significant private and public sector investment, which has established The Moor as the city's primary retail and leisure destination."
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