NewRiver bags £20m bargain

Kasmira Jefford
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UK REIT NewRiver Retail yesterday said it has bought a portfolio of retail properties and a Lancashire shopping centre for £19m as it continues on its acquisition spree.

The company said the Sands Portfolio changed hands in 2007 for £40m but because of a distressed debt situation, it had secured a good deal on the properties.

They include five shops in places like Rugby and Perth, which it plans to spruce up, and the Arndale Shopping Centre in Morecambe.