Completion of Acquisition (8731L)
05 Agosto 2011 - 4:15PM
UK Regulatory
TIDMNRR
RNS Number : 8731L
NewRiver Retail Limited
05 August 2011
5 August 2011
NewRiver Retail Limited ("NewRiver" or "the Company")
Completion of Acquisition
The Board of NewRiver (AIM: NRR), the UK REIT specialising in
value-creating retail property investment and active asset
management, is pleased to announce that the Company has today
completed the acquisition of the Four Retail Properties from Zurich
Assurance Limited for approximately GBP68 million. The highlights
of the acquisition are:
-- Net initial yield of 8.0%
-- 122 tenancies providing good income diversification
-- Net lettable area of 502,500 square feet
-- Low vacancy rate of 3.3%
-- Approximately 60% of income let to food and value
retailers
-- Total annual footfall of 19 million
-- 94% of the rental income is let to multiple retailers
-- Low occupational costs resulting in sustainable rents
-- Key retail tenants include: The Co-operative, Poundland, TK
Maxx and Boots
-- Significant asset management and development opportunities
identified
-- Important new banking relationship established with
Clydesdale Bank
-- Earnings per share and dividends per share enhancing in the
first full financial year post acquisition
All defined terms in this announcement shall have the same
meaning as in the NewRiver announcement made on 27 June 2011.
David Lockhart, Chief Executive Officer, said:
"This is NewRiver's largest acquisition to date and has been
made possible in difficult markets by the support of new and
existing shareholders for a major equity fundraising, again the
Company's largest to date. NewRiver has now made GBP220 million of
asset purchases in under two years and is demonstrating that its
strategy of acquiring attractive high-yield, food anchored and
value-led investments which benefit from our active asset
management and risk controlled development skills is delivering for
shareholders. We have immense ambition at NewRiver and are now
looking forward to the next stage of the Company's
development."
Arron Taggart, Regional Property Specialist at Clydesdale Bank
commented: "We are pleased to have created a new banking
relationship with NewRiver. NewRiver Retail's impressive and
diverse property portfolio identifies it as a key player in the UK
retail sector with confidence in the high street's long term
outlook. We look forward to supporting the Company in future
ventures."
- ends -
For further details contact:
NewRiver Retail Limited Tel: 0203 328 5800
Paul Roy, Chairman
David Lockhart, CEO
Cenkos Securities plc Tel: 020 7397 8900
Ian Soanes
Max Hartley
Kinmont Limited Tel: 020 7087 9100
John O'Malley
Mat Thackery
Pelham Bell Pottinger Tel: 0207 861 3232
David Rydell
Rosanne Perry
This information is provided by RNS
The company news service from the London Stock Exchange
END
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