The Moor in Sheffield: Disciplined capital allocation

We’re delighted to have acquired the 90% interest in The Moor in Sheffield, from our joint venture partner BRAVO, taking our ownership to 100%.

Having asset managed The Moor since 2021, we know this 20-acre city centre estate exceptionally well. Acquiring The Moor at a significant discount to its March 2026 valuation and at a 10% net initial yield reflects our disciplined approach to capital allocation - investing where we understand the opportunity and can see a clear route to creating further income and capital growth.

The transaction also marks the successful conclusion of our capital partnership with BRAVO, which has delivered an IRR to NewRiver REIT of around 21%. That is an important part of our story: capital partnerships allow us to use our platform, our relationships and our asset management capability to create value beyond the balance sheet alone.

Sheffield is the UK's 7th largest City by population, and The Moor itself benefits from a diversified income profile, affordable rents and a strong occupier base, anchored by Primark, Sainsbury's, Next, Sports Direct and The Light cinema. Our recent asset management includes recent lettings to HSBC, Oseyo, Five Guys and Popeyes, demonstrating the strong occupational demand.

We have a clear plan to drive further income and capital growth, centred on re-anchoring the former Debenhams unit, which was recently acquired off a low capital value and is expected to deliver significant income and capital growth, with advanced discussions with potential tenants ongoing.