NewRiver has completed the acquisition of The Moor shopping scheme in Sheffield city centre from BRAVO.
In a Q1 FY 2027 trading update, the REIT said it had acquired BRAVO’s 90% interest in The Moor for £38.3m taking its ownership to 100%. The price reflects a discount to the asset’s March 2026 valuation and a 10% net initial yield.
The 20-acre development is anchored by The Light, Primark, Sainsbury’s, Next and Sports Direct. NewRiver intends to re-anchor the former Debenhams unit, which was recently acquired for a low capital value.
In Q1, the REIT completed 165,900 sq ft of new lettings and renewals securing £1.8m of annualised rent.
Allan Lockhart, chief executive of NewRiver, said: “NewRiver has made a strong start to FY27, with continued leasing outperformance, rising occupancy and exceptionally high tenant retention. This momentum demonstrates the embedded income growth within our portfolio and supports our confidence in delivering further rental and capital growth.
“We have also recently completed the acquisition of our JV partner’s 90% equity interest in The Moor, Sheffield. We achieved an attractive acquisition price representing a significant discount to March 2026 book valuation as it was the last remaining asset within the BRAVO capital partnership, giving our partner a final exit after achieving strong investment returns over the life of the venture.
“Having managed the asset since 2021, we know it well and see significant potential to drive further income and capital growth. Together with our new unsecured facility, this further evidences how NewRiver is well positioned to continue delivering attractive recurring income returns and long-term capital growth for shareholders.”
