£40m for NewRiver’s shopping spree
NewRiver is buying the assets from Zurich Assurance Limited for approximately £68m.
Due to the size of the transaction, the acquisition constitutes a reverse takeover so trading in NewRiver shares has been temporarily suspended.
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Hide AdTrading is expected to resume when the company publishes an admission document in respect of the proposed enlarged NewRiver group, including details of the acquisition.
David Lockhart, chief executive officer, said: “We are delighted to announce the conditional acquisition of this major portfolio of shopping centres for a total consideration of £68m.
“The acquisition is another transformational transaction for NewRiver.”