6th Oct 2014 07:33
LONDON (Alliance News) - NewRiver Retail Ltd Monday said its gross assets under management increased significantly in the second quarter, bolstered by a number of transactions during the period.
The real estate investment trust said it had a "highly active" quarter ended September 30, with assets under management increasing by 21% to GBP735 million, up from GBP609 million at the end of the quarter ended June 30.
"It has been another highly active period for NewRiver during which the company completed a number of key acquisitions... and continued to achieve a significant number of value-enhancing asset management and development initiatives," it said in a statement.
The company said it completed a number of key transactions during the period, including the acquisition of six new assets and the sale of four separate properties.
It also said that it maintained a stable retail portfolio occupancy rate of 95% during the quarter, and sustained an affordable average retail rent of GBP11.87 per square foot.
It said footfall continues to improve with a total of 14.4 million across the portfolio, with various shopping centres reporting significant uplifts and the annual footfall for the portfolio totalling over 110 million.
"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," said Chief Executive David Lockhart in a statement.
The company said it will announce its interim results for the six months to September 30 on November 20.
NewRiver Retail shares were trading at 295.00 pence Monday morning, up 0.2%.
By Rowena Harris-Doughty; [email protected]; @rharrisdoughty
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