NewRiver sells Oxford shopping centre for £38.8 million
Real estate investment trust NewRiver has announced that it has sold the Templars Square shopping centre in Cowley, Oxford for £38.8 million to real estate investment manager and developer Redevco.
NewRiver acquired the 236,000 sq ft Templars Square shopping centre for £24.6 million in December 2012.
The deal is expected to be completed in the first quarter of 2022.
In November 2021 Oxford City Council released the planning decision notice enabling the space to be regenerated for mixed use including 226 new homes and improvements to the public domain.
NewRiver CEO Allan Lockhart commented: "We are pleased to agree this sale which, as we have already demonstrated through our recent disposal of Blenheim Shopping Centre in Penge, highlights the significant value we can create through our Regeneration expertise. On completion this disposal will further improve our LTV, strengthening our position as we execute our resilient retail strategy."