Wakes Retail Park, Newport.

Newport’s Wakes Retail park – along with three others – has changed hands in a multimillion pound deal.

The site, which is home to Pets at Home and Currys PC World, was owned by Zurich Assurance Ltd.

It has now been taken over, following a joint venture by NewRiver and BRAVO.

In a statement, NewRiver has said the ‘in addition, the asset has alternative use potential for hotels and residential’.

Chief Executive Allan Lockhart commented:

“We are delighted to be forming this joint venture with BRAVO re-establishing a successful partnership that dates back to 2012, and has a track record of delivering growing returns to our shareholders. Recycling our capital from disposals into joint ventures enables us to secure a superior return on our capital and provides us with significant additional firepower to take advantage of the current dislocation in the retail real estate market. The portfolio of retail parks we have contracted to acquire is highly complementary to our existing portfolio, providing a low entry price, robust cashflows and opportunities to extract further income through active asset management and risk-controlled development opportunities.”

The groups have also acquired Kittybrewster Retail Park, Aberdeen, Telford Retail Park, Inverness and Units at Kingsway East Retail Park, Dundee as part of the £60.5m venture.