FINANCE: NewRiver Retail has hit its £75m target in an equity placing today by selling 27.27m shares priced at 275p each.
The proceeds will go towards the acquisition of the remaining 90% of a shopping centre JV not already owned by NewRiver for a cash consideration of £71m.
The JV partner, LVS Luxembourg IV, is a subsidiary of by Pacific Investment Management Company-managed Bravo. The portfolio comprises five shopping centres and one high street asset let to a total of 200 tenants.
NewRiver bought the initial 10% stake in 2012.
sophie.furber@estatesgazette.com
