NewRiver is pleased to announce that it has completed the sale of Cuckoo Bridge Retail Park, Dumfries, to an institutional investor for consideration of £26.5 million, reflecting a net initial yield of 6.9%, and in-line with the terms and timelines announced within the Company’s Third Quarter Update in January 2026.
Following this transaction, NewRiver has now completed £110 million of disposals in FY26, in-line with book value. The proceeds from the sale increase the Company’s cash holdings to in excess of £100 million and reduce Group LTV to close to the Company’s medium term guidance level of <40%.
The sale follows the successful execution of NewRiver’s asset management strategy for Cuckoo Bridge Retail Park. Since acquisition in 2016, NewRiver has significantly enhanced the tenant line-up, delivered material improvements to net income, and strengthened the WAULT through active leasing and redevelopment initiatives. Key initiatives have included:
● A new lease on the former Homebase unit to Sainsbury’s, delivering a substantial uplift in rent and securing a new 15-year CPI-linked lease.
● The reconfiguration of two units into redesigned formats let to Food Warehouse and Next, further enhancing the Park’s consumer appeal and income profile.
Allan Lockhart, Chief Executive commented: “This sale is a clear endorsement of our focused asset management strategy and the quality of execution delivered by our best-in-class retail park team. Through smart leasing, repositioning and disciplined investment, we have materially enhanced both the quality and durability of the income in this retail park.
The sale price, reflecting a sub 7% yield, is an excellent outcome in southwest Scotland and demonstrates the success of our platform, the strength of our portfolio of assets, and the continued institutional demand for high quality retail parks. The transaction strengthens our balance sheet, enhances financial flexibility and positions us well as we continue to pursue disciplined growth and value creation for shareholders.”
