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’.