NewRiver’s rent collection inches up to 78%

NewRiver has collected just 78% of June’s rents. While collections were up on the same point in previous quarters, and other arrangements have been made for a further 1% of rents due, 21% of rents remain outstanding. The retail-focused REIT this week sold its Hawthorn pub portfolio to Admiral Taverns for £222.3m, with a further £74.3m of disposals now completed, exchanged or under offer. Once completed, it said, the deals would “enable the majority of future proceeds from these non-core retail disposals to be redeployed into resilient retail assets”. Over the year to date, NewRiver has leased 252,500 sq ft across its 9m sq ft portfolio, with 92,200 sq ft being long-term new lettings and renewals. Chief executive Allan Lockhart said: “Our operational metrics, including rent collection, leasing activity and occupancy, have remained strong throughout the first quarter and, most significantly, the company has agreed terms to dispose of its Hawthorn pub business, which delivers on a key strategic priority announced in April 2021.” To send feedback, e-mail piers.wehner@eg.co.uk or tweet @PiersWehner or @EGPropertyNews