NewRiver REIT PLC Retail portfolio operational update (1805I)
31 March 2020 - 5:00PM
UK Regulatory
TIDMNRR
RNS Number : 1805I
NewRiver REIT PLC
31 March 2020
NewRiver REIT plc
("NewRiver" or the "Company")
Retail portfolio operational update
NewRiver is today providing a further operational update for its
retail portfolio, which mainly comprises community shopping centres
and retail parks.
NewRiver's retail portfolio is focused on occupiers in the food
& grocery, health & beauty, discounter and essential
services sub-sectors, with almost two-thirds of our retail assets
anchored by a major food and grocery brand. As a result, 36% of our
retail occupiers by gross income are currently still trading,
following a UK Government order on 23 March 2020 that all
non-essential retail premises must close.
As at close of business on 30 March 2020, NewRiver had received
60% of quarterly retail rents relating to the first quarter of the
financial year ending 31 March 2021. This comprised quarterly rents
due on 25 March 2020 for our assets in England, Wales, and most of
our tenancies in Scotland, and, for the remainder, quarterly rents
due on 28 February 2020. In total, these quarterly rents
represented 77% of NewRiver's retail rent due, with the remainder
being monthly rents, for which the next collection date is 1 April
2020. The Company continues to work constructively with occupiers
who have yet to pay, to either recover late payments or agree
alternative payment solutions, including deferment and transition
to monthly payments.
It is too early to assess the overall impact of Coronavirus
(COVID-19) on the business, and therefore NewRiver is suspending
all previous guidance on forecasts that it has provided. Given the
fast-changing situation, the Company will provide the market with
further updates in due course.
For further information
NewRiver REIT plc +44 (0)20 3328 5800
Allan Lockhart (Chief Executive)
Mark Davies (Chief Financial Officer)
Tom Loughran (Head of Investor
Relations)
+44 (0)20 7251
Finsbury 3801
Gordon Simpson
James Thompson
This announcement contains inside information as defined in
Article 7 of the EU Market Abuse Regulation No 596/2014 and has
been announced in accordance with the Company's obligations under
Article 17 of that Regulation. This announcement has been
authorised for release by the Board of Directors.
About NewRiver
NewRiver REIT plc ('NewRiver') is a leading Real Estate
Investment Trust specialising in buying, managing, developing and
recycling convenience-led, community-focused retail and leisure
assets throughout the UK.
Our GBP1.3 billion portfolio covers 9 million sq ft and
comprises 33 community shopping centres, 25 conveniently located
retail parks and over 700 community pubs. Having hand-picked our
assets since NewRiver was founded in 2009, we have deliberately
focused on the fastest growing and most sustainable sub-sectors of
the UK retail market, with grocery, convenience stores, value
clothing, health & beauty and discounters forming the core of
our retail portfolio. This focus, combined with our affordable
rents and desirable locations, delivers sustainable and growing
returns for our shareholders over the longer term, while our active
approach to asset management and in-built 2.3 million sq ft
development pipeline provide further opportunities to extract value
from our portfolio.
NewRiver has a Premium Listing on the Main Market of the London
Stock Exchange (ticker: NRR). Visit www.nrr.co.uk for further
information.
LEI Number: 2138004GX1VAUMH66L31
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END
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