Intu sells retail park as disposal programme continues

Intu Metrocentre in Gateshead

Institutional landlord Intu has completed the sale of an out-of-town retail park in Northern Ireland to NewRiver, as its chief executive continues his focus on fixing the business’ balance sheet through disposals.

Intu announced this morning it had completed the sale of the 231,000 sq ft Sprucefield Retail Park outside of Lisburn to NewRiver for £40m, its June 2019 valuation.

In a separate statement, NewRiver said, once completed, the acquisition of Sprucefield will generate an additional £3.7m of net property income annually.

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