Tue, 29 Sep 2026 | COMMERCIAL PROPERTY
A prominent Leeds retail park has been acquired for £73.5m by a newly formed partnership between listed real estate investment trust NewRiver REIT and two Singapore-based investors.
The Springs retail park at Thorpe Park has been bought from Legal & General in the first acquisition made by a new retail park capital partnership established between NewRiver and affiliates of Soilbuild Group Holdings Limited and United Engineers Limited. The partners have signalled their intention to continue growing the platform through further acquisitions in the coming years.
The circa 275,000 sq ft retail and leisure park sits at the intersection of junction 46 of the M1 and the Leeds Ring Road. Its occupiers include M&S, Next, TK Maxx, Boots, Mango, The Range, Nando's and Odeon.
The purchase price reflects a topped up net initial yield of 7 per cent and an equivalent yield of 7.9 per cent.
NewRiver holds a 25 per cent interest in the capital partnership, giving it a net equity investment of £9.3m following completion of a loan facility. The listed firm has been appointed to provide acquisition, financing and asset management services to the partnership.
NewRiver is a UK real estate investment trust specialising in resilient retail assets. Following its acquisition of Capital & Regional in December 2024, the group reported total assets under management of £2.1bn as at 31 March 2026, spanning community shopping centres and retail parks. Retail parks accounted for 20 per cent of its balance sheet portfolio by value at that date.
Allan Lockhart, Chief Executive of NewRiver REIT, said: "This capital partnership is a strong endorsement of the retail sector and of NewRiver's own retail expertise and operating platform. Retail parks are one of our highest conviction investment sectors, and this capital partnership creates a scalable platform for long-term growth."
"The Springs is an exceptional first acquisition for the Capital Partnership. It is a high-quality asset with attractive fundamentals, strong occupier performance and clear opportunities to deliver further income and value growth."
The partnership marks an expansion of the two Singapore investors' interests in the UK market. Soilbuild Group Holdings operates a purpose-built student accommodation business in the UK, while United Engineers is a property and engineering group.
Lim Han Qin, director of Soilbuild Group Holdings Limited, said: "The launch of this partnership marks a significant milestone in the growth of our UK retail portfolio, a sector which aligns firmly with our broader real estate strategy, to undertake scalable investments into high-quality assets with growing cash flows. This partnership is complementary to our Group's existing PBSA business in the UK and demonstrates our commitment and focus in expanding and growing our UK business."
Zhong Ming, executive director of United Engineers Limited, added: "We are excited to be partnering with NewRiver, which brings a leading operating platform and a long-standing track record of successfully investing in the UK retail market. We look forward to working closely with the NewRiver team to execute our strategy and grow the partnership over the coming years."
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