NewRiver Retail Limited Acquisition completion (5804T)
21 July 2015 - 4:00PM
UK Regulatory
TIDMNRR
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
ACQUAAVRVUABURR
Newriver Reit (LSE:NRR)
Historical Stock Chart
From Mar 2024 to Apr 2024
Newriver Reit (LSE:NRR)
Historical Stock Chart
From Apr 2023 to Apr 2024