DWF advised leading real estate investment trust (REIT) NewRiver Retail Limited on its £53.5m acquisition of 158 Punch Tavern pubs.
 
The AIM listed REIT, has acquired a significant portfolio of assets across the UK, which equates to a net yield of 13.61%. The deal comprises of 339,866 sq. ft. of total internal gross area, 1,844,766 sq. ft. of total site area and 1,730 car parking spaces. The projected annual profit before tax of the portfolio is circa £6 million, which will generate a cash on cash equity return in excess of 20% and has an estimated reinstatement value of £146 million.
 
Real estate partner Abby Dry with support from both the Liverpool and Manchester real estate teams, in particular Richard Forsyth, Daniel Watkins, Annabelle Richards, Fiona Thompson and David Crank on Licensing and Paul Attwood and Nigel Gardner on commercial contracts, advised NewRiver Retail on the landmark acquisition. The deal is in line with NewRiver’s proven business model of acquiring strategically selected property assets that offer high cash on equity returns and present opportunities to create capital growth through NewRiver's active asset management and risk-controlled development.
 
The DWF team has also advised NewRiver on its recent acquisition of Ramsay Retail Warehouse portfolio for £69.1m.
 
Abby Dry, commenting on the transaction, said: “We are delighted to have again advised NewRiver on this landmark acquisition. Having worked with NewRiver for the last six years, it has been fantastic to see, and be involved in, it’s continued success and growth. NewRiver is a highly prestigious and valued client of DWF.”
 
“This deal brings the total value of acquisitions that DWF has handled for NewRiver this financial year to well over £100 million and we are proud to continue to support its ambitious commercial aims. We have a great team in place with extensive real estate and sector expertise that supports NewRiver through all acquisitive activity, but also advises on ongoing asset management and development of its growing portfolio.”
 
NewRiver Retail is a specialist AIM listed REIT focused on the UK food and value retail market and has quickly become the leading value-creating retail property investment platform in the sector.

www.dwf.co.uk/news-events/dwf-press/2015/09/dwf-advises-newriver-retail…