NewRiver Retail, the AIM-listed company set up by Halladale founder David Lockhart, has announced plans to raise money as it beefs up its portfolio.
The company said it had already spent the £25m it raised with its listing last year, and was preparing to raise a further £25m through an unsecured bonds issue. Investment managers Forum Partners Investment Management and Spearpoint are lined up to buy the bonds.
The company, which has also announced plans to convert to a REIT, is in talks on a number of deals. It has exchanged contracts to buy a five-strong retail portfolio from Standard Life for £14m, reflecting a yield of around 9%. The properties in Doncaster,
Lockhart is also in talks to buy back the majority of assets from the CPI Retail Active Management (CReaM) fund, which he set up almost 20 years ago, for close to £65m.
