NewRiver takes full ownership of Sheffield’s The Moor in £38.3m deal
The REIT has acquired BRAVO’s 90% equity interest in the 20-acre retail and leisure estate, bringing to a close the capital partnership between the two businesses, which was established in 2019.
NewRiver said the acquisition was completed at a significant discount to the property’s March 2026 book valuation and reflects a 10% net initial yield, providing what it described as an attractive entry point into an asset it has managed since 2021.
The Moor is anchored by occupiers including Primark, Sainsbury’s, Next, Sports Direct, and The Light cinema, while recent lettings to HSBC, Oseyo, Five Guys and Popeyes have demonstrated continued occupier demand.
The company said it has identified further opportunities to grow both income and capital values at the estate, with plans focused on re-anchoring the former Debenhams store, which was recently acquired at what the company described as a low capital value, with advanced discussions under way with prospective occupiers.
The acquisition was announced as part of NewRiver’s first quarter trading update, which reported continued leasing momentum across its retail portfolio.
During the quarter, the company completed 71 lettings and lease renewals covering 165,900 sq ft, securing £1.8m in annualised rental income.
Occupancy increased to 95.4% from 95.0% at the end of March, while tenant retention remained at 96%. Consumer spending across the portfolio also continued to outperform wider market benchmarks during the period.
The acquisition comes as Sheffield Council is seeking a buyer for the nearby Moorfoot building, with plans focused on bringing more residents into the city centre. The former office could be turned into around 320 apartments, as part of a wider 725-home masterplan on the 12-acre estate.
Chief executive Allan Lockhart said: “We have recently completed the acquisition of our JV partner’s 90% equity interest in The Moor, Sheffield.
“We achieved an attractive acquisition price representing a significant discount to the March 2026 book valuation as it was the last remaining asset within the BRAVO capital partnership, giving our partner a final exit after achieving strong investment returns over the life of the venture.
“Having managed the asset since 2021, we know it well and see significant potential to drive further income and capital growth.”
