NewRiver has completed the sale of Cuckoo Bridge Retail Park in Dumfries to an institutional investor for £26.5m, reflecting a net initial yield of 6.9%.
NewRiver acquired the park in 2016 and has significantly enhanced the tenant line‑up, delivered material improvements to net income, and strengthened the WAULT through active leasing and redevelopment initiatives.
Allan Lockhart, chief executive of NewRiver, said: “This sale is a clear endorsement of our focused asset management strategy and the quality of execution delivered by our best-in-class retail park team. Through smart leasing, repositioning and disciplined investment, we have materially enhanced both the quality and durability of the income in this retail park.
“The sale price, reflecting a sub 7% yield, is an excellent outcome in south west Scotland and demonstrates the success of our platform, the strength of our portfolio of assets, and the continued institutional demand for high quality retail parks. The transaction strengthens our balance sheet, enhances financial flexibility and positions us well as we continue to pursue disciplined growth and value creation for shareholders.”
