NewRiver Retail Limited NewRiver secures agreement to lease with Morrisons (1620F)
21 Maggio 2013 - 8:00AM
UK Regulatory
TIDMNRR
RNS Number : 1620F
NewRiver Retail Limited
21 May 2013
NewRiver Retail Limited
("NewRiver" or "the Company")
NewRiver secures agreement to lease with Morrisons at Locks
Heath, Fareham
NewRiver Retail Limited (AIM and CISX: NRR), the UK REIT
specialising in value-creating retail property investment and
active asset management, announces it has signed a significant
pre-lease agreement with supermarket group Wm Morrison Supermarkets
PLC ("Morrisons") at its Locks Heath Shopping Centre in Fareham,
Hampshire.
This important agreement will deliver, subject to conditions, a
major new food retailer to the Locks Heath Shopping Centre. The
agreement is conditional upon certain land acquisitions and
securing planning consent for a major extension to the Shopping
Centre.
Morrisons has agreed, subject to the conditions being met, to
lease under a 25-year term a 71,000 sq ft food store.
NewRiver's plans for Locks Heath Shopping Centre include a major
enhancement and extension to the existing centre and the Morrisons
agreement is a significant boost for the viability of the
scheme.
NewRiver believes the Morrisons store would be a significant
enhancement for the local area with the potential to transform the
shopping experience and drive footfall to other retailers in the
Centre.
Allan Lockhart, Property Director at NewRiver said: "NewRiver is
delighted to have signed this important agreement with a Morrisons
which will anchor the enlarged Locks Heath Shopping Centre. We are
now planning to begin the process of presenting our masterplan for
the Centre to the local authority. The agreement is a significant
endorsement by a leading UK food retailer and marks a positive step
forward in the progression of our enhancement plans for the
Shopping Centre."
-Ends-
For further information
NewRiver Retail Limited Tel: 020 3328 5800
David Lockhart, Chief Executive
Mark Davies, Finance Director
Pelham Bell Pottinger Tel: 020 7861 3232
David Rydell/Guy Scarborough
Cenkos Securities Tel: 020 7397 8900
Ian Soanes/Max Hartley
Investec Bank plc Tel: 020 7597 5970
Garry Levin/David Anderson
About NewRiver
NewRiver Retail Limited is a REIT status specialist real estate
investor and asset manager focusing solely on the UK retailing
sector with a particular focus on food and value retailing. The
management team, with over 100 years combined experience in the UK
commercial property market, actively engages with retailers,
stakeholders and consumers. With assets under management of GBP400
million comprising 23 UK wide shopping centres, 16 high street
retail units and two supermarkets, the portfolio has 732 occupiers,
a total of 2.8 million square feet, total annual footfall of over
65 million and an occupancy rate on its retail estate of 94%. The
Company's activities include active and entrepreneurial asset
management and risk controlled development, utilising both its own
balance sheet and co-investment joint venture structures. It is
NewRiver's intention to become one of the leading sector-focused
value-creating property investment businesses operating in the UK
retail sector. The Company was founded in 2009 and its shares were
admitted to London's AIM and Channel Islands Stock Exchange (CISX)
in September of the same year. For more information on NewRiver,
please visit www.nrr.co.uk
This information is provided by RNS
The company news service from the London Stock Exchange
END
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