NewRiver plans 1m sq ft expansion
UK REIT NewRiver Retail has grown its portfolio by 21% in Q3 2014, with assets under management now standing at £735m as of 30 September.
The portfolio stood at £609m in June, with £155m acquired over the period – including a £140m portion of the Swallowtail Portfolio comprising three shopping centres.
UK REIT NewRiver Retail has grown its portfolio by 21% in Q3 2014, with assets under management now standing at £735m as of 30 September.
The portfolio stood at £609m in June, with £155m acquired over the period – including a £140m portion of the Swallowtail Portfolio comprising three shopping centres.
Total rent stood at £674m – up 21% from June’s £55.5m annually, with a stable occupancy rate of 95% and a weighted average lease length of 7.91 – down slightly from June’s 8.31 years.
The firm said it has plans to submit six major planning applications enabling 1m sq ft of new development space for retail, leisure and residential use.
NewRiver has also bought a shopping centre in Warminster for £9m, a former department store in Hull for £1.9m, and a retail warehouse in Gloucester for £4.23m.
Some £28.7m was disposed over the period, with major deals comprising Bramley Shopping centre in Leeds for £18.5m, a multi-let block in Norwich for £6.2m, and a retail parade in Andover for £3.7m.
The REIT has also completed a deal with the Co-operative Group to lease 63 new conviencnce stores from the Co-op’s pub portfolio – an increase from the original 54.
That deal will see 215,200 sq ft of new retail space created over two years.
NewRiver Retail chief executive David Lockhart said: “We are delighted to report on our second quarter which, consistent with the preceding quarter, has been highly active and successful across a number of key metrics. During the period the company completed a number of key transactions, including the acquisition of six new assets and the sale of four separate properties. Importantly gross assets under management increased significantly.
“Strong progress has been made in our pub portfolio with a major agreement with the Co-op to lease 63 new C-stores, positioning NewRiver as the UK’s leading developer of C-stores.
“The company continues to deliver on its core strategy of generating above market returns through targeted acquisitions supported by an active asset management and risk control development programme.”
chris.berkin@estatesgazette.com
