New operational management agreement
NewRiver REIT plc
("NewRiver" or the "Company" or the "Group")
New operational management agreement signed
NewRiver is pleased to announce that it has been appointed by a leading real estate investor to manage a retail portfolio including 16 retail parks and one shopping centre in the UK.
The appointment for a term of three years will include leasing and property management responsibilities in return for a fee calculated with reference to the rental income of the portfolio. NewRiver will not be required to commit any capital under this agreement.
The appointment is aligned with NewRiver's strategic aim to use its specialist retail platform to enhance earnings in a capital light way by working in partnership with institutions and other capital providers. It follows the expansion and extension of the Canterbury City Council asset management agreement for Whitefriars Shopping Centre and The Riverside, and the addition of The Moor, Sheffield, to the Joint Venture with BRAVO during the last financial year.
This additional portfolio comprising predominately retail parks has an occupier profile aligned with NewRiver's portfolio and increases its retail parks under management to 31.
Allan Lockhart, Chief Executive of NewRiver, said: "We are delighted to be selected as an operating partner to manage this portfolio of resilient retail assets . In doing so, we have achieved another milestone in our strategic focus to expand our capital partnerships and enhance recurring revenue streams in a capital light way. NewRiver's selection demonstrates our unique combination of scale, expertise, relationships and governance, which means we are well placed to provide best-in-class management expertise."
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) Will Hobman (Chief Financial Officer) Lucy Mitchell (Communications & Investor Relations) |
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FGS Global |
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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 and developing resilient retail assets throughout the UK.
Our £0.65 billion portfolio covers 8 million sq ft and comprises 28 community shopping centres and 15 conveniently located retail parks. We have hand-picked our portfolio to focus on occupiers providing essential goods and services and to support the development of thriving communities across the UK, while deliberately avoiding structurally challenged sub-sectors such as department stores and mid-market fashion. Our objective is to own and manage the most resilient retail portfolio in the UK, focused on retail parks, core shopping centres, and regeneration opportunities in order to deliver stable income and capital growth to our investors.
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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