Last checked at 4 Jun 2019 07:00
NewRiver REIT plc
("NewRiver" or the "Company")
Disposal of a foodstore in Llanelli for £17.9 million
NewRiver is pleased to announce the sale of a 70,000 sq ft Asda foodstore and petrol filling station at St Elli Shopping Centre, Llanelli to a private investor for £17.9 million, representing a net initial yield of 6.9% and a 1% discount to March 2019 valuation.
This transaction brings NewRiver's total disposal proceeds since 1 April 2019 to £20.9 million, completed at a blended net initial yield of 6.6%, and marks significant early progress against NewRiver's strategy to recycle capital from low yielding assets into higher yielding opportunities in joint ventures, in order to deliver Underlying FFO growth with a net neutral investment approach.
Allan Lockhart, Chief Executive commented: "We are delighted to have completed this transaction, demonstrating significant progress against our target to recycle 5% of our portfolio this financial year. Since 1 April 2019, we have sold, or are under offer to sell, £30.7 million of assets at a blended net initial yield of 5.8% and, in-line with our strategy, we have already recycled the proceeds of these disposals into our previously-announced acquisition of four retail parks, through a joint venture, for a net initial yield of 9.8%."
For further information
NewRiver REIT plc | +44 (0)20 3328 5800 | ||
Allan Lockhart (Chief Executive) Mark Davies (Chief Financial Officer) | |||
Will Hobman (Head of Investor Relations & Strategy) |
Finsbury | +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, 19 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