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NewRiver and Morgan Stanley announces joint venture
NewRiver Retail and Morgan Stanley have announced a new joint venture that will invest as much as £250 million on retail commercial property in the UK.
The new partnership, called NewRiver Retail Investments LP, will run for a minimum of five years and focus on acquiring business property that can provide above-average returns through "entrepreneurial asset management and risk controlled development and refurbishment".
It has already announced the first acquisition - purchasing a portfolio of real estate from the UBS Triton Property Fund for £49 million - and chief executive of NewRiver Capital David Lockhart said that the purchase of the portfolio "fits exactly with the strategy" NewRiver announced when it became listed on AIM.
And Philipp Westermann, managing director of Morgan Stanley Real Estate Investing, added that he is "confident" NewRiver will be able to add "substantial value" to the first acquisition, which includes sites in Huddersfield, Norwich, Wrexham and Glasgow.
This is the second deal to be announced by NewRiver Retail in 2010, after it revealed the acquisition of a shopping centre in Market Deeping, near Peterborough, in January.
The new partnership, called NewRiver Retail Investments LP, will run for a minimum of five years and focus on acquiring business property that can provide above-average returns through "entrepreneurial asset management and risk controlled development and refurbishment".
It has already announced the first acquisition - purchasing a portfolio of real estate from the UBS Triton Property Fund for £49 million - and chief executive of NewRiver Capital David Lockhart said that the purchase of the portfolio "fits exactly with the strategy" NewRiver announced when it became listed on AIM.
And Philipp Westermann, managing director of Morgan Stanley Real Estate Investing, added that he is "confident" NewRiver will be able to add "substantial value" to the first acquisition, which includes sites in Huddersfield, Norwich, Wrexham and Glasgow.
This is the second deal to be announced by NewRiver Retail in 2010, after it revealed the acquisition of a shopping centre in Market Deeping, near Peterborough, in January.
Mon, 1st Mar 2010