Tees shopping centre in proposed £60m deal

A Teesside shopping centre is one of four across the UK that looks set to be acquired as part of a £60m deal.

The Hill Street Shopping Centre in Middlesbrough is part of the proposed acquisition by NewRiver REIT, after the firm exchanged conditional contracts to buy the remaining 50% share in its BRAVO Joint Ventures from subsidiaries of BRAVO II.

The £59.4m transaction allows the company to gain control over the Hillstreet Centre as well as The Abbey Centre in Belfast, Priory Meadow Shopping Centre in Hastings and The Avenue Shopping Centre in Glasgow, with the four having a total gross asset value of £240m.

David Lockhart, chief executive of NewRiver, said: “We are very familiar with the BRAVO assets with a clear understanding of their growth potential, having been responsible for their day-to-day asset management since the joint venture was established in 2013.

“Given the investment made into the BRAVO assets to date, we are confident that this acquisition will produce attractive long term returns for our shareholders.”

The Hillstreet Shopping Centre comprises 240,000 sq ft of space in the heart of the town and is anchored by a 62,000 sq ft Primark store with an occupier line-up of Argos, Sports Direct and Poundworld.

 

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