16th Jul 2015 08:12
LONDON (Alliance News) - Retail property investor NewRiver Retail Ltd on Thursday said it has started its new financial year with a number of acquisitions and one disposal in the first quarter, leaving its total assets under management broadly flat.
NewRiver completed a GBP150 million equity fundraising in the first quarter, with the majority of the proceeds already committed. It made GBP7.2 million in acquisitions in the quarter and disposed of GBP6 million in high-street assets, leaving its assets under management at the end of June at GBP849 million, compared to GBP848 million at the end of March.
This will rise to GBP920 million, however, after completion of the acquisition of the Ramsay portfolio, which it completed after the first quarter end.
NewRiver said its occupancy rate remained stable at 96% in the quarter, as it completed 55 new lettings and lease renewals in the quarter.
NewRiver shares were up 1.0% to 324.70 pence on Thursday morning.
By Sam Unsted; [email protected]; @SamUAtAlliance
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