20th Jan 2016 09:06
LONDON (Alliance News) - NewRiver Retail Ltd on Wednesday said its portfolio performed well in the quarter to the end of December, with good results for its retailer tenants.
NewRiver, which invests in retail property assets, said its portfolio performed well in the three months to December 31, with the majority of retailers housed in its properties reporting increased Christmas sales. Footfall for the retailers was down 3.8%, but this was offset by higher spending, NewRiver said. It said its retail occupancy rate was 97.3% on December 31, up from 96.3% on September 30, with average rent rising to GBP12.45 per square foot from GBP12.35.
The company struck a GBP92.3 million deal to acquire the Neptune shopping centres portfolio in the quarter and bought another GBP15.6 million of retail assets, meaning it has now spent the majority of the GBP150.0 million it raised last year.
The group added the fourth quarter of its financial year to the end of March has started well and its remains focused on moving its listing in London to the Main Market from AIM in July.
Shares in NewRiver were down 1.0% to 336.00 pence.
By Sam Unsted; [email protected]; @SamUAtAlliance
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