NewRiver REIT has built up a £137m warchest to seek out “attractive opportunities”.
In a trading update released ahead of the REIT’s AGM today, chief executive Allan Lockhart said: “We now have significant growth opportunities available to us – underpinned by our substantial cash holdings and through the expansion of our capital partnerships, driven by our extensive sector expertise. We will allocate our capital wisely as and when attractive opportunities arise.”
The REIT sold the final properties in the Napier joint venture – Kittybrewster Retail Park in Aberdeen and Glendoe and Telford retail parks in Inverness – for £62.6m in June, boosting its cash holdings by £40m.
The REIT also expanded its capital partnership with M&G Real Estate in April, taking total number of assets managed under this arrangement to 16 retail parks and two shopping centres.
Over its first quarter NewRiver has completed 177,300 sq ft of leasing, at a 13.7% improvement on previous rents and in line with ERV. Occupancy stands at 97.1% and rent collection at 99%.
To send feedback, e-mail piers.wehner@eg.co.uk or tweet @PiersWehner or @EGPropertyNews
