NewRiver Retail REIT intends to raise another £150m through a share placement before moving to the main market of the London Stock Exchange.
The UK retail specialist REIT will issue shares to the value of £150m at 300p per share on AIM, where it is currently listed, in order to finance the £29m acquisition of the remaining 50% in the Trent JPUT trust that it does not already own. This would be at an initial yield of 10.1%.
In addition, the company will use the cash raised to purchase the remaining 50% in another unit trust, Camel III JPUT, for £23m. Camel III currently contains a portfolio of five shopping centres and the purchase would be at an implied 7.2%.
Following the fund raising activity New River Retail will then move from the AIM market to the main market of the London Stock Exchange.
The company also announced an interim dividend of 4.5p per share to be paid on 30 June.
NewRiver Retail REIT intends to raise another £150m through a share placement before moving to the main market of the London Stock Exchange.
The UK retail specialist REIT will issue shares to the value of £150m at 300p per share on AIM, where it is currently listed, in order to finance the £29m acquisition of the remaining 50% in the Trent JPUT trust that it does not already own. This would be at an initial yield of 10.1%.
In addition, the company will use the cash raised to purchase the remaining 50% in another unit trust, Camel III JPUT, for £23m. Camel III currently contains a portfolio of five shopping centres and the purchase would be at an implied 7.2%.
Following the fund raising activity New River Retail will then move from the AIM market to the main market of the London Stock Exchange.
The company also announced an interim dividend of 4.5p per share to be paid on 30 June.
mike.cobb@estates.gazette.com
