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NRR Newriver Reit Plc

80.90
3.40 (4.39%)
28 Mar 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Newriver Reit Plc LSE:NRR London Ordinary Share GB00BD7XPJ64 ORD 1P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  3.40 4.39% 80.90 78.80 79.50 79.50 76.00 76.00 816,253 16:35:05
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Real Estate Investment Trust 73.6M -16.8M -0.0537 -14.80 248.52M

NewRiver Retail Limited Acquisition completion (5804T)

21/07/2015 7:00am

UK Regulatory


Newriver Reit (LSE:NRR)
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RNS Number : 5804T

NewRiver Retail Limited

21 July 2015

NewRiver Retail Limited

("NewRiver" or the "Company")

Completion of Acquisitions Totalling GBP121 Million

Deploying Majority of Recent GBP150 Million Equity Fund Raise

Further to recent announcements, NewRiver Retail Limited (AIM: NRR), the UK REIT specialising in value-creating retail property investment and active asset management, is pleased to announce the completion of three strategic acquisitions totalling GBP121 million marking the deployment of the majority of the GBP150 million raised in the Company's recent equity fund raise.

-- The Ramsay Retail Warehouse Portfolio for a total consideration of GBP69.1 million, equating to a net initial yield of 8.0 per cent. on the income producing assets. The geographically diverse portfolio has been acquired from a major foodstore operator and comprises 13 assets and includes nine value-led retail parks and four development sites each with approved planning consents and pre-let interest from retailers;

-- The GBP29 million acquisition from LVS, a subsidiary of Bravo II*, for the acquisition of the 50 per cent. stake not already owned by NewRiver in the Trent JPUT - the Marston's public house portfolio - at an implied net initial yield of 10.1 per cent bringing the portfolio 100 per cent. under NewRiver's ownership;

-- The GBP23 million acquisition from LVS, a subsidiary of Bravo II*, of the 50 per cent. stake not already owned by NewRiver, in the Camel III JPUT - a portfolio of five shopping centres reflecting an implied net initial yield of 7.2 per cent bringing the portfolio 100 per cent. under NewRiver's ownership.

The three acquisitions, together with planned capital expenditure for identified risk-controlled development opportunities, will effectively deploy the GBP150 million raised in the Placing of new shares as announced on 19 June 2015.

David Lockhart, Chief Executive at NewRiver Retail, said:

"We are delighted to have completed these three major acquisitions totalling GBP121 million, effectively deploying the GBP150 million equity capital raised which completed last week. Following the completion of these acquisitions our assets under management now total GBP918 million, the vast majority of which are on our own balance sheet."

- ends -

For further information

 
 NewRiver Retail Limited       Tel: 020 3328 5800 
  David Lockhart, Chief 
  Executive 
  Mark Davies, Finance 
  Director 
 Bell Pottinger                Tel: 020 3772 2500 
  David Rydell / James 
  Newman / David Bass 
 Liberum                       Tel: 020 3100 2000 
  Richard Crawley / Jamie 
  Richards 
 Peel Hunt LLP                 Tel: 020 7418 8900 
  Capel Irwin / Alex Vaughan 
  / Hugh Preston 
 

*LVS, a subsidiary of Bravo II, refers to a fund advised or managed by Pacific Investment Management Company LLC

About NewRiver

NewRiver Retail Limited is an AIM listed REIT. The Company is a specialist real estate investor and asset manager focused solely on UK retail with a particular focus on food and value retailing. NewRiver Retail was named Property Company of the Year - Retail & Leisure at the Estates Gazette Awards at the close of 2014.

The management team, with over 100 years combined experience in the UK commercial property market, actively engages with retailers, stakeholders and consumers. NewRiver Retail is one of the UK's largest shopping centre owner/managers with assets under management of GBP918 million principally comprising 29 UK wide shopping centres, further nationwide retail assets and a portfolio of 202 public houses principally suitable for conversion to alternative uses. The portfolio has 1,411 occupiers, a total of over 6 million sq ft, total annual footfall of over 121 million and a retail occupancy rate of 96 per cent.

In June 2015 NewRiver announced its intention to move from AIM to the Main Market of the London Stock Exchange within 12 months.

This information is provided by RNS

The company news service from the London Stock Exchange

END

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