Shopping centre snapped up in £18.5m deal

A LEEDS shopping centre has been sold in a deal worth £18.5m.

NewRiver Retail announced this morning it has exchanged contracts for the sale of Bramley Shopping Centre to Rockspring Property Investment Managers on behalf of Rockspring UK Value 2 LP.

NewRiver acquired the centre as part of portfolio of five shopping centres in 2010.

Bramley Shopping Centre comprises 121,342 sq ft of retail space across 54 units let to a range of retailers including Tesco, Farmfoods, Boots, Bright House, Greggs and Pound Stretcher.

Allan Lockhart, property director at NewRiver Retail, said: “The sale of Bramley Shopping Centre is an excellent example of NewRiver’s ability to source and acquire retail real estate with significant enhancement opportunities and use our active asset management expertise to increase its value.

“We are delighted with the performance of the asset and in line with our proven business strategy we look forward to recycling the surplus capital generated into new and exciting projects.”