Capital Markets Day and asset disposal update
NewRiver REIT plc
("NewRiver" or the "Company")
Capital Markets Day and asset disposal update
NewRiver is holding a Capital Markets Day for analysts and institutional investors on 26 September 2019, during which the Company will provide further information on its current investment focus, demonstrate the alternative use value inherent within its portfolio of retail assets, and also provide an update on recent acquisition and disposal activity. Given the recent progress with its disposals, the Company today provides an update on this activity ahead of the Capital Markets Day.
As stated at its Full Year Results announcement on 23 May 2019, NewRiver has a strategy to recycle a minimum of 5% of its portfolio in FY20 (c.£64 million). NewRiver is pleased to announce that to date in FY20 it has completed, exchanged or is under offer on disposals totalling £57.9 million, at a blended net initial yield ('NIY') of 5.4%, on terms 1.2% above book value and is therefore ahead of schedule to meet this target.
To date in FY20, £29.9 million of disposals have been completed at a blended NIY of 6.2% and on terms 0.9% below book value. Completed disposals comprise a foodstore and petrol filling station, one shopping centre, seven convenience stores ('c-stores'), five pubs and three plots of surplus land.
In addition, NewRiver has exchanged contracts or is under offer on a further £28.0 million of disposals, at a blended NIY of 4.5%, on terms 3.6% ahead of book value. These further disposals include three retail parks, one retail development, eight c-stores, 10 pubs and 11 plots of land.
Of the disposal proceeds received in FY20 to date, £15.4 million has been invested into the acquisition of four retail parks in the newly formed Joint Venture with BRAVO III at a NIY of 9.8%, which means that NewRiver will receive a return of over 10% including asset management fees.
Limited places remain for attendance at the Capital Markets Day. Please email whobman@nrr.co.uk to register an interest in attending.
For further information
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NewRiver REIT plc |
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+44 (0)20 3328 5800 |
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Allan Lockhart (Chief Executive) Mark Davies (Chief Financial Officer) |
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Will Hobman (Head of Investor Relations & Strategy) |
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Finsbury |
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+44 (0)20 7251 3801 |
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Gordon Simpson James Thompson |
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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 £1.3 billion portfolio covers over 9 million sq ft and comprises 33 community shopping centres, 23 conveniently located retail parks and over 650 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, while our active approach to asset management and in-built 1.9 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) and is a constituent of the FTSE 250 and EPRA indices. Visit www.nrr.co.uk for further information.
LEI Number: 2138004GX1VAUMH66L31
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