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Essex shopping centre sold for £20m

Property investment trust NewRiver has bought Grays Shopping Centre in Essex for £20.2m from a US private equity firm.

The centre close to Grays train station is comprised of 177,300 sq ft of retail space and includes Sports Direct, Select, Peacocks and Poundland as tenants.

The centre also comes with a 32,000 sq ft office building which has permitted development rights for a residential conversion.

Allan Lockhart, chief executive of NewRiver said: “The site is central to ambitious town centre redevelopment plans put forward by the local authority and we look forward to working closely with them to deliver the right mix of residential, retail and leisure for the local community, while providing attractive and sustainable returns for our shareholders.

“This strategic acquisition means that we have invested over £150m so far in 2018 across our core sectors of community shopping centres, retail parks and community pubs, at an attractive blended initial yield of 12%, demonstrating our disciplined approach to capital allocation.”

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