NewRiver REIT PLC - London-based real estate investment trust - Completes final disposals of properties owned by the Napier equal joint venture. Sells Kittybrewster retail park in Aberdeen and the Glendoe and Telford retail parks in Inverness to RI UK 1 Ltd for GBP62.6 million, with 50% due to NewRiver REIT. The sale price is slightly below the properties' gross asset value at March 31 of GBP64.4 million. Sale proceeds will go towards reducing NewRiver REIT's net debt. The disposals comprise the final properties in the Napier joint venture and bring total sale receipts to NewRiver REIT from the JV, including the earlier sales of properties in Dundee and the Isle of Wight, to GBP76.0 million. NewRiver REIT's partner in the JV is PAF Lux SCA, SICAV RAIF of Luxembourg.
NewRiver REIT Chief Executive Allan Lockhart says: "The Napier joint venture is a great example of why we like retail parks and working in capital partnerships...we have been able to crystallise compelling returns for ourselves and our partner by utilising our specialist retail platform at each stage of the process, all the way from disciplined stock selection to successful delivery of asset management plans in order to secure a successful exit."
Current stock price: 87.50 pence, down 1.4% on Wednesday morning
12-month change: down 6.1%
By Emma Curzon, Alliance News reporter
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NewRiver (NRR)