NewRiver REIT plc (LSE:NRR) acquired Ellandi Management Limited for £9 million on July 4, 2024. Under the terms of agreement, the acquisition has been made for an initial cash consideration of £5 million, with additional cash consideration of up to £4 million subject to EBITDA performance, including realising savings through shared services, over a three year earn out period. The Ellandi business brings with it a portfolio of 16 shopping centre asset management mandates, covering over 6.3 million sq ft, with 10 different partners. The two co-founders and owners of Ellandi, Morgan Garfield and Mark Robinson, will join NewRiver as Head of Capital Partnerships and Head of Regeneration, respectively. Morgan and Mark will also join NewRiver's Executive Committee. During the year ended 30 April 2024, Ellandi's fee income was £5.7 million1 and EBITDA was £1.1 million.

NewRiver REIT plc (LSE:NRR) completed the acquisition of Ellandi Management Limited on July 4, 2024.