NewRiver REIT has told investors that it owns “the right assets, in the right locations” after its retail tenants posted strong trading figures for the Christmas period.
In a quarterly trading update, the retail-focused investor said in-store spend growth across its portfolio was up by 5.3% year-on-year in the three months to the end of 2024.
Its best-performing sub-sectors were discount and value, opticians, health and beauty, home, food and beverage and leisure.
During the period, the company completed its takeover of Capital & Regional, which chief executive Allan Lockhart described as “transformational” and which will deliver “a material increase in our earnings and dividends”.
“The newly combined portfolio remains focused on providing essential goods and services to UK consumers and is performing well, with tenant sales at our assets significantly outperforming the UK average,” Lockhart said.
Occupancy across the £900m combined portfolio stands at 96%. It completed 261,800 sq ft of new lettings and renewals during the quarter.
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