Last checked at 26 Sep 2019 07:00
NewRiver REIT plc
("NewRiver" or the "Company")
Capital Markets Day
NewRiver will today hold a Capital Markets Day for analysts and institutional investors, during which the Company will provide further information on its current investment focus and demonstrate the alternative use value inherent within its portfolio of retail assets.
In addition, the Company will provide an update on its capital recycling programme, a key strategy to re-establish dividend cover. As stated at its Full Year Results announcement on 23 May 2019, NewRiver has a target to recycle a minimum of 5% of its portfolio in FY20 (c.£64 million).
In FY20 to date, the Company has either completed, exchanged or is under offer on £57.9 million of disposals on terms 1.2% above book value, reflecting a blended net initial yield ('NIY') of 5.4%.
The Company has deployed the proceeds of its completed disposals (£29.9 million) into the acquisition of five retail parks in its newly formed joint venture (NRR share of gross assets: £34.7 million), at a blended NIY of 9.0%.
No new material disclosures will be made during the event. Presentation materials will be made available at www.nrr.co.uk later this afternoon, with an audio recording of the presentation made available at the same address as soon as practicable after the event.
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 33 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