NewRiver REIT PLC Disposal of a foodstore for £17.9 million (0016B)
04 Giugno 2019 - 8:00AM
UK Regulatory
TIDMNRR
RNS Number : 0016B
NewRiver REIT PLC
04 June 2019
NewRiver REIT plc
("NewRiver" or the "Company")
Disposal of a foodstore in Llanelli for GBP17.9 million
NewRiver is pleased to announce the sale of a 70,000 sq ft Asda
foodstore and petrol filling station at St Elli Shopping Centre,
Llanelli to a private investor for GBP17.9 million, representing a
net initial yield of 6.9% and a 1% discount to March 2019
valuation.
This transaction brings NewRiver's total disposal proceeds since
1 April 2019 to GBP20.9 million, completed at a blended net initial
yield of 6.6%, and marks significant early progress against
NewRiver's strategy to recycle capital from low yielding assets
into higher yielding opportunities in joint ventures, in order to
deliver Underlying FFO growth with a net neutral investment
approach.
Allan Lockhart, Chief Executive commented: "We are delighted to
have completed this transaction, demonstrating significant progress
against our target to recycle 5% of our portfolio this financial
year. Since 1 April 2019, we have sold, or are under offer to sell,
GBP30.7 million of assets at a blended net initial yield of 5.8%
and, in-line with our strategy, we have already recycled the
proceeds of these disposals into our previously-announced
acquisition of four retail parks, through a joint venture, for a
net initial yield of 9.8%."
For further information
NewRiver REIT plc +44 (0)20 3328 5800
Allan Lockhart (Chief Executive)
Mark Davies (Chief Financial Officer)
Will Hobman (Head of Investor
Relations & Strategy)
+44 (0)20 7251
Finsbury 3801
Gordon Simpson
James Thompson
About NewRiver
NewRiver REIT plc ('NewRiver') is a leading Real Estate
Investment Trust specialising in buying, managing, developing and
recycling convenience-led, community-focused retail and leisure
assets throughout the UK.
Our GBP1.3 billion portfolio covers over 9 million sq ft and
comprises 34 community shopping centres, 19 conveniently located
retail parks and over 650 community pubs. Having hand-picked our
assets since NewRiver was founded in 2009, we have deliberately
focused on the fastest growing and most sustainable sub-sectors of
the UK retail market, with grocery, convenience stores, value
clothing, health & beauty and discounters forming the core of
our retail portfolio. This focus, combined with our affordable
rents and desirable locations, delivers sustainable and growing
returns for our shareholders, while our active approach to asset
management and in-built 1.9 million sq ft development pipeline
provide further opportunities to extract value from our
portfolio.
NewRiver has a Premium Listing on the Main Market of the London
Stock Exchange (ticker: NRR) and is a constituent of the FTSE 250
and EPRA indices. Visit www.nrr.co.uk for further information.
LEI Number: 2138004GX1VAUMH66L31
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END
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