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(Alliance News) - NewRiver REIT PLC on Thursday said it has been appointed by an unnamed real estate investor to manage a retail portfolio for three years.
The London-based real estate investment trust said the portfolio includes 16 retail parks and one shopping centre in the UK.
The three-year term will include leasing and property management responsibilities in return for a free calculated in reference to the portfolio's rental income.
NewRiver said it is not required to commit any capital under the agreement.
"We have achieved another milestone in our strategic focus to expand our capital partnerships and enhance recurring revenue streams in a capital light way," said Chief Executive Allan Lockhart.
NewRiver said the news followed its expansion and extension of the Canterbury City Council asset management agreement for Whitefriars Shopping Centre and The Riverside, alongside The Moor in Sheffield, as part of a joint venture with BRAVO in its previous financial year.
This brings its total number of retail parks under management up to 31.
Shares in NewRiver were trading 0.3% higher at 71.30 pence in London on Thursday afternoon.
By Greg Rosenvinge; gregrosenvinge@alliancenews.com
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