Name incorporation 2014 2013
=================================================== =============== ========== =========
NewRiver Retail Investments LP and NewRiver Retail
Investments (GP) Ltd* Guernsey 50 50
NewRiver Retail Property Unit Trust Jersey 10 10
NewRiver Retail Property Unit Trust 2 Jersey 50 -
NewRiver Retail Property Unit Trust 3 Jersey 50 -
NewRiver Retail Property Unit Trust 4 Jersey 50 -
=================================================== =============== ========== =========
(1) The net cash outflow during the year was GBP40.73m (2013:
cash outflow GBP3.91m).
*NewRiver Retail Investments (GP) Limited and its Limited
partner (NewRiver Retail Investments LP) has a number of 100% owned
subsidiaries which are NewRiver Retail (Finco No 1) Limited and
NewRiver Retail (GP1) Limited, acting in its capacity as General
Partner for NewRiver Retail (Holding No 1) LP and NewRiver Retail
(Portfolio No 1) LP. These entities have been set up to facilitate
the investment in retail properties in the UK by the Barley JV.
There are currently five joint ventures which are equity
accounted for as set out below:
NewRiver Retail Property Unit Trust, NewRiver Retail Property
Unit Trust, No.2, 3 and 4.
NewRiver Retail Property Unit Trust (the "CAMEL II JV") is an
established jointly controlled Jersey Property Unit Trust set up by
NewRiver Retail Limited and PIMCO BRAVO Fund LP ("BRAVO") to invest
in UK Retail property. NewRiver Retail Property Unit Trust No2, 3
and 4 (the "Middlesbrough, "Camel III" and "Trent" JVs") are
established jointly controlled Jersey Property Unit Trusts set up
by NewRiver Retail Limited and PIMCO BRAVO II Fund LP ("BRAVO II")
to invest in UK Retail property.
The CAMEL II JV is owned 10% by NewRiver Retail Limited and 90%
BRAVO. The Middlesbrough, Camel III and Trent JVs are owned 50% by
NewRiver Retail Limited and 50% BRAVO II. NewRiver Retail (UK)
Limited is the appointed asset manager on behalf of these JV's and
receives asset management fees, development management fees and
performance-related return promote payments.
No promote payment has been recognised during the period and the
Group is entitled to receive promote payments only after achieving
the agreed hurdles. Management have taken the decision to account
for the equity interest in JVs as an associate as the Group has
significant influence over decisions made by each joint venture but
is not able to exert complete control over these joint
ventures.
The JVs have an acquisition mandate to invest in UK retail
property with an appropriate leverage with future respective equity
commitments being decided on a transaction by transaction basis. In
line with the existing NewRiver investment strategy, the JVs will
target UK retail property assets with the objective of delivering
added value and above average returns through NewRiver's proven
skills in active and entrepreneurial asset management and risk
controlled development.
All JVs have a 31 December year end and the Group has applied
equity accounting for its interest in each JV. The aggregate
amounts recognised in the consolidated balance sheet and income
statement eliminate intercompany transactions and are as
follows:
2014
NewRiver
Retail
Property 31 March 2013 31 March
Unit Trust, 2014 NewRiver 2013
2, 3, 4 Group's Retail Property Group's
Total share Unit Trust Share
GBP'000 GBP000 GBP'000 GBP'000
============================================ ============ ======== ================ ========
Balance sheet
Non-current assets 346,560 131,060 90,401 9,040
Current assets 12,475 4,429 4,668 467
Current liabilities (9,152) (3,207) (4,663) (466)
Senior debt (164,666) (65,333) (42,500) (4,250)
Non-current assets/(liabilities) 1,711 484 (46) (5)
============================================ ============ ======== ================ ========
Net assets 186,928 67,433 47,860 4,786
============================================ ============ ======== ================ ========
Income statement
Net income 17,046 5,078 2,325 232
Administration expenses (936) (271) (128) (13)
Finance costs (4,071) (1,230) (590) (59)
============================================ ============ ======== ================ ========
Recurring income 12,039 3,577 1,607 160
Fair value surplus on property revaluations 45,443 16,963 - -
Income from joint ventures 57,482 20,540 1,607 1,60
============================================ ============ ======== ================ ========
The Group's share of any contingent liabilities to the JPUTs is
GBPnil (2013: Nil).
NewRiver Retail Investments LP
NewRiver Retail Investments LP (the "Barley JV") is an
established jointly controlled limited partnership set up by
NewRiver Retail Limited and Morgan Stanley Real Estate Investing
("MSREI") to invest in UK Retail property.
The Barley JV is owned equally by NewRiver Retail Limited and
MSREI. NewRiver Retail (UK) Limited is the appointed asset manager
on behalf of the Barley JV and receives asset management fees as
well as performance-related return promote payments.
No promote payment has been recognised during the period and the
Group is entitled to receive promote payments only after achieving
the agreed hurdles. Under the terms of the Limited Partnership
agreement relating to NewRiver Retail Investments LP dated 28
February 2010, MSREI has been granted the right to convert its
interest in the Barley JV or part thereof on a NAV for NAV basis
into shares of NewRiver Retail Limited, up to 10 per cent of the
share capital of NewRiver Retail Limited up until its fifth
anniversary of 17 May 2015. This conversion would currently have a
dilutive effect on the Group's EPS calculation of 4.5p and an
accretive effect on the Group's EPRA EPS calculation of GBP0.5p
(accretive in the prior period). See Note 9.
In line with the existing NewRiver investment strategy, the
Barley JV will target UK retail property assets with the objective
of delivering added value and above average returns through
NewRiver's proven skills in active and entrepreneurial asset
management and risk controlled development and refurbishment.
The Barley JV has a 31 December year end and the Group has
applied equity accounting for its interest in the Barley JV. The
aggregate amounts recognised in the consolidated balance sheet and
income statement eliminate intercompany transactions and are as
follows:
2014 2013
NewRiver NewRiver
Retail 2014 Retail 2013
Investments Group's Investments Group's
(GP) Ltd Share (GP) Ltd Share
Total 50% Total 50%
GBP'000 GBP'000 GBP'000 GBP'000
============================================== ============ ======== ============ ========
Balance sheet
Non-current assets 36,325 18,162 41,700 20,850
Current assets 2,294 1,147 1,880 940
Current liabilities (1,221) (610) (1,118) (559)
Senior debt (22,466) (11,233) (22,466) (11,233)
Non-current liabilities (97) (48) (192) (96)
============================================== ============ ======== ============ ========
Net assets 14,835 7,418 19,804 9,902
============================================== ============ ======== ============ ========
Income statement
Net income 2,314 1,157 2,592 1,296
Administration expenses (269) (134) (312) (156)
Finance costs (606) (303) (882) (441)
============================================== ============ ======== ============ ========
Recurring income 1,439 720 1,398 699
Fair value (deficit) on property revaluations (4,921) (2,460) (2,967) (1,483)
============================================== ============ ======== ============ ========
Deficit from joint ventures (3,482) (1,740) (1,569) (784)
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