NewRiver agrees deal to sell £26.5m Scottish retail park
NewRiver has exchanged contracts on the disposal of Cuckoo Bridge Retail Park in Dumfries, Scotland, for proceeds of £26.5m.
The 130,000 sq ft retail park is fully let to retailers including KFC, Costa, B&M and Dunelm, and sits adjacent to a 24 hour Tesco Supermarket, with a Next collection pod.
NewRiver said the conditions of the disposal will be discharged during the final quarter of its 2026 financial year.
This comes as the real estate investment trust (REIT) releases an update for the third quarter, during which it recorded an occupancy rate of 96.1%. This was up from 95.3% at the end of September, with the REIT maintaining a retailer retention rate of 91%.
During the quarter, NewRiver completed 234,500 sq ft of new lettings and renewals, securing £2.1m in annualised income across 98 transactions.
Key leasing transactions completed during the period included deals with Boots and B&M in Middlesbrough and H&M in Bexleyheath.
During the quarter, NewRiver also completed the disposals of The Marlowes in Hemel Hempstead and Sprucefield Retail Park in Lisburn for combined proceeds of £12.6 million.
In the year-to-date, NewRiver completed 650,800 sq ft of leasing deals, with long-term transactions 8.2% ahead of estimated rental value and 31.1% up against prior rent.
Allan Lockhart, chief executive of NewRiver, said: “We delivered another strong quarter of operational performance, with growing demand across our core markets driving strong leasing activity and rising occupancy. We remained disciplined in recycling capital, improving our portfolio quality and strengthening our financial position.
“With market conditions becoming more supportive and our portfolio in its best shape since before the pandemic, we move into FY27 with real momentum. We are confident in our ability to deliver further earnings growth and a well covered dividend.”