Last checked at 21 Jun 2019 07:28
NewRiver REIT plc
("NewRiver" or the "Company")
Completion of formation of a new Joint Venture with BRAVO and acquisition
NewRiver is pleased to announce that it has signed the shareholder agreement to complete the formation of a new joint venture (the "JV") with BRAVO Strategies III LLC ("BRAVO"). This follows the announcement on 23 May 2019 that terms had been agreed with BRAVO, in principle, to form a new JV. It is intended that the JV will acquire and manage a portfolio of retail parks in the UK and, under the terms of the shareholder agreement, NewRiver has been appointed as asset manager to the JV.
NewRiver announced on 23 May 2019 that it had exchanged contracts on the acquisition of a portfolio of four retail parks for total consideration of £60.5 million, reflecting a net initial yield of 9.8%, from Zurich Assurance Ltd. This acquisition has now been completed by the JV, and NewRiver's share of the transaction was satisfied from existing resources and available credit facilities. Initially, NewRiver will hold a 50% interest in the gross assets of the JV (NRR share: £30.2 million) and NewRiver will benefit from 50% of its net rental income (NRR share: £3.1 million per annum).
For further information
NewRiver REIT plc |
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| +44 (0)20 3328 5800 |
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 |
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 34 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