NewRiver REIT has said it is on track to deliver its disposal programme. In a trading update for the year ended 31 March, the company said it had completed £23m of sales since September 2022, meaning it has hit its 2023 target for selling so-called “work out” assets.
It said it expects to sell or turn around a remaining 11% of its portfolio by the end of its 2024 financial year.
A 4.7% drop in portfolio valuation over the second half is “a significant outperformance” versus the MSCI Monthly Index, the company said, pointing to “continued resilience” from core shopping centres and retail parks. The portfolio is now valued at £594m.
The company has extended its asset management mandate with M&G Real Estate, adding another shopping centre and taking the assets managed under the arrangement to 16 retail parks and two shopping centres.
To send feedback, e-mail tim.burke@eg.co.uk or tweet @_tim_burke or @EGPropertyNews
