The Moor set for new future after deal completed to sell shopping destination for £41 million

NewRiver has announced it has completed the acquisition of The Moor, a 28-acre estate in Sheffield city centre.

The deal was a joint venture with BRAVO Strategies III LLC, in which NewRiver holds a 10 per cent stake.

The site was sold by Aberdeen Standard Investments and follows the announcement in February that contracts had been exchanged.

In a statement, NewRiver said: ‘The gross asset value subject to the transaction is £41.0 million and NewRiver's share of the consideration has been satisfied from existing resources. NewRiver will hold a 10 per cent interest in the asset and will benefit from 10 per cent of the net rental income of £4.0 million per annum.

‘NewRiver has also been appointed as asset and development manager, in return for a management fee calculated with reference to the gross rental income and development costs of the asset’.

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Thank you. Nancy Fielder, editor.