NewRiver Retail said stores will be 3,000-4,500 sq ft in size

NewRiver Retail said stores will be 3,000-4,500 sq ft in size

UK retailer The Co-operative Group has struck a deal for leases to 54 sites from AIM-listed real estate firm NewRiver Retail.

NewRiver Retail said today (7 April) it had signed a "conditional agreement" to lease the stores from its pub estate.

"The majority will be new-build projects constructed on surplus land adjacent to the existing public houses," the company said. "The remaining part of the portfolio will be conventional conversions from public house use to c-Stores, or redeveloped as stand-alone convenience retail stores."

In November, NewRiver acquired 202 pubs from UK brewer Marston's to convert the assets primarily into convenience stores.