9th Mar 2026 10:42
NewRiver REIT PLC - London-based real estate investment trust focused on retail and leisure properties - Completes the sale of Cuckoo Bridge Retail Park in Dumfries, Scotland, to "an institutional investor" for GBP26.5 million. Says consideration reflects a net initial yield of 6.9%, and brings its total disposals so far in financial 2026 to GBP110 million, "in-line with book value." The proceeds increase its cash holdings to over GBP100 million and bring its loan-to-value ratio close to its medium-term guidance level of below 40%. NewRiver adds that since buying Cuckoo Bridge in 2016 it has significantly enhanced the asset's tenant line‑up, materially improved its net income, and strengthened its weighted average unexpired lease term through redevelopments and active leasing.
"This sale is a clear endorsement of our focused asset management strategy...Through smart leasing, repositioning and disciplined investment, we have materially enhanced both the quality and durability of the income in this retail park," comments Chief Executive Allan Lockhart. "The sale price, reflecting a sub 7% yield, is an excellent outcome in southwest Scotland and demonstrates the success of our platform, the strength of our portfolio of assets, and the continued institutional demand for high quality retail parks.
"The transaction strengthens our balance sheet, enhances financial flexibility and positions us well as we continue to pursue disciplined growth and value creation for shareholders."
Current stock price: 73.90 pence, down 2.8% in London on Monday
12-month change: up 9.6%
By Emma Curzon, Alliance News reporter
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