TIDMNRR
RNS Number : 0412Q
NewRiver Retail Limited
09 October 2013
NewRiver Retail Limited
("NewRiver" or "the Company")
Portfolio update
NewRiver Retail Limited (AIM: NRR), the UK REIT specialising in
value-creating retail property investment and active asset
management, announces the following portfolio update for the period
1 July to 30 September 2013.
The Company has now entered its close period and will announce
its Interim Results for the period ended 30 September 2013 on 28
November 2013.
During the period the Company's asset management and
risk-controlled development initiatives have continued to progress
significantly across the portfolio. Notably, NewRiver successfully
completed 23 leasing events and increased the total portfolio
occupancy to 95%.
Portfolio highlights
-- Increased the number of leases in the portfolio from 947 to
955
-- Completed 23 new leasing events reflecting additional total
rental income of GBP946,000 pa, approximately 10.4% above valuation
ERV
-- Rent roll under management increased by 2.8% to GBP42.358
million
-- Increased the average new lease length to 11.3 years
-- Improvement to retail portfolio occupancy from 94% to 95%
-- Weighted Average Lease Expiry ("WALE") stable at 8.1
years
-- Attractive average rent of GBP10.60 per sq ft
Active asset management:
Regent Court, Leamington Spa, Warwickshire
NewRiver's significant re-positioning of Regent Court as a
restaurant and leisure destination continues to progress well. The
Company has secured planning consent for the Centre to be the
principal restaurant and leisure destination in the town and
believes it will benefit from increasing operator demand in the
next phase of letting opportunities.
The Company signed a new 15-year lease with national restaurant
operator Turtle Bay at a rent of GBP107,000 pa. Construction works
will begin imminently, with Turtle Bay expected to take possession
in mid-November.
A number of other national restaurant operators are in advanced
legal negotiations to occupy space within the Centre. Existing
operators include Nandos, Wagamama, Strada and Prezzo. Importantly,
alongside the letting to Turtle Bay, the void rate has reduced from
13.5% at the time of purchase in December 2012 to 4% demonstrating
NewRiver's effective asset management strategy.
The Hildreds Shopping Centre, Skegness, Lincolnshire
The Company signed a new letting agreement with restaurant
operator Burger King for a new 15-year term at a stepped rent to
GBP75,000 pa together with a turnover top up rent.
NewRiver continued to increase the retail offering within the
Centre with the opening of a new 8,000 sq ft store let to leading
sports retailer Sports Direct.
In addition the Company has renewed its lease with Everything
Everywhere at an annual rent of GBP49,380 pa until December 2022
and Phones 4 U at GBP30,000 pa until September 2018. A number of
lease renewals within the Centre are in advanced legal negations
and anticipated to complete in the coming months.
Merlins Walk, Carmarthen, Wales
NewRiver has signed a new 10-year lease with leading
value-retailer Poundland at GBP135,000 pa. As part of the
agreement, Poundland will expand its existing store into an
adjacent vacant unit which will double the size of its store to
10,800 sq ft over two floors.
A new 10-year lease has also been completed with Card Centre at
an annual rent of GBP30,000 pa.
Market Place, Romford, Havering
NewRiver signed a conditional lease agreement with Lewis's Home
retail Group, trading as T J Hughes, for a new 15-year term at a
rent of GBP275,000 pa.
Newlands Shopping Centre, Witham, Essex
Peacocks, the value fashion retailer, has agreed to a 14% pa
rental increase in order to secure longer term certainty at the
Newlands Shopping Centre, but still allowing NewRiver the
flexibility to re-model and enhance the asset as development plans
progress.
Risk-controlled development:
The Forum Centre, Wallsend, North Tyneside
As part of its risk-controlled development programme, NewRiver
has commenced construction works at the Centre following the
pre-letting of all three new retail units.
The extensive construction works and handover of the three
retail units is anticipated for late October 2013 to allow for shop
fit-outs to be completed in time for Christmas trading. North
Tyneside Council is anticipated to take possession of the fully
fitted new library and Community First Centre in January 2014. The
development is expected to be completed on time and within
budget.
In addition to the extensive redevelopment, two new retailers
Urban and Accessories took occupation in August and a mall café,
Mister Woods, opened in September. A further three new lettings are
expected to complete in the coming weeks.
A further programme of improvement works to the Centre is
currently underway to complement the significant refurbishment of
the external walkways, canopies and entrances with completion
scheduled for late October 2013.
Packhorse Shopping Centre, Huddersfield, West Yorkshire
In line with the Company's risk-controlled development
programme, it has submitted a planning application to Kirklees
Council for proposed works amounting to a value of c. GBP1.5
million. The works include significant improvements to all three
entrances to the Centre, a 180 seat Packhorse Kitchen featuring 6
food and beverage brands from Huddersfield, a new anchor store of
c. 15,000 sq ft and a new bar/restaurant fronting Kirkgate.
The Piazza Shopping Centre, Paisley, Glasgow
The new 10,000 sq ft unit to be occupied by Iceland on a 15-year
lease at an annual rent of GBP135,000 was handed to Iceland on 26
August. Iceland is currently fitting out the unit and scheduled to
open in late October 2013. Only one unit remains unoccupied in the
centre.
Primark, Warrington, Cheshire
NewRiver has completed the development and construction works
for leading fashion retailer Primark for a new 56,000 sq ft at
Golden Square Shopping Centre in Warrington. Primark is currently
fitting out the unit with trading anticipated to commence in
December 2013 marking the introduction of its first store to this
area of northwest England.
Commercialisation
NewRiver continues to grow and enhance its commercialisation
revenue across the portfolio with net income of GBP250,000 in Q1
exceeding management forecast by 38% and the Company is confident
of further growth in Q2 and for the remainder of the financial year
with opportunities to leverage the Company's scale and
relationships.
Corporate Social Responsibility
NewRiver recently signed leases with East Street Arts and
Castlefield Galleries who are part funded by the Arts Council
England. The leases enable local arts groups including artists,
musicians and performing arts, to open up previously vacant space
in town centres at minimal cost. The Company intends to expand this
relationship more widely across its portfolio, working with local
Councils to increase use of the high streets and drive footfall to
its centres.
Allan Lockhart, Property Director at NewRiver Retail, said:
"We have continued to build on the strong start to the financial
year and achieved significant progress on a number of initiatives
across the portfolio. Importantly NewRiver has agreed a number of
new lease agreements which now total 50 lettings and renewals since
1 April 2013, leading to increased occupancy across our
centres."
The Company's extensive risk-controlled development programme
continues to make impressive progress and we look forward to the
continuing growth and improvement of our diverse asset
portfolio."
-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/Charlotte
Offredi
Cenkos Securities Tel: 020 7397 8900
Max Hartley/Ian Soanes
Liberum Capital Tel: 020 3100 2000
Shane Le Prevost/Tim Graham
About NewRiver
NewRiver Retail Limited is an AIM listed REIT. The Company is a
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. NewRiver Retail is the UK's fourth
largest Shopping Centre owner by number with assets under
management of GBP440 million comprising 24 UK wide shopping
centres, 16 high street retail units and two supermarkets. The
portfolio has in excess of 950 occupiers, a total of 3.8 million
square feet, total annual footfall of over 95 million and an
occupancy rate of 95 per cent.
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.
Founded in 2009, NewRiver has become the UK's leading
retail-focused property investment business. The Company's shares
were admitted to London's AIM 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
PFUQVLFBXBFBFBV
Grafico Azioni Newriver Reit (LSE:NRR)
Storico
Da Giu 2024 a Lug 2024
Grafico Azioni Newriver Reit (LSE:NRR)
Storico
Da Lug 2023 a Lug 2024