Global law firm Eversheds has advised NewRiver Retail Limited ("NewRiver"), the UK REIT specialising in value-creating retail property investment and active asset management, on a new joint venture ("the Joint Venture") with LVS Luxembourg IV Sarl ("LVS"), a subsidiary of PIMCO BRAVO Fund, L.P.
 
The Joint Venture completed its first acquisition on 20 December of an £85 million UK wide major shopping centre portfolio at an attractive net initial yield of 9.7%.

The portfolio comprises of three freehold and two long-leasehold shopping centres located in Leamington Spa, Cowley, Kilmarnock, Bridlington and Hull. Key tenants include leading retailers such as BHS, Boots, Sainsbury's, Poundland and Wilkinson.

The Joint Venture established with LVS is called the New River Retail Property Unit Trust. NewRiver owns 10% of the Joint Venture’s first acquisition and up to 50% of any future acquisitions.

The Eversheds team was led by corporate partner Aleen Gulvanessian and property partner Steve Felstead, assisted by corporate senior associate Penny Stanfield and by banking partner Daniyal Ansari and senior associate Sheena Wells.

Aleen commented:

    "NewRiver is an established and valued client of the firm, and it is a pleasure to have advised them on both the joint venture and a further prime retail acquisition. This latest deal once again demonstrates that an experienced management team with a focused strategy can grow in a difficult economic period."

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