Newriver Reit (LSE:NRR)
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RNS Number : 1449Q
NewRiver REIT PLC
17 October 2019
NewRiver REIT plc
("NewRiver" or the "Company")
Completion of acquisition of Poole Retail Park in a Joint Venture with BRAVO
NewRiver is pleased to announce that its joint venture (the "JV") with BRAVO Strategies III LLC ("BRAVO") has completed the acquisition of Poole Retail Park in Dorset from LS Poole Retail Limited, for total consideration of GBP44.7 million, reflecting a net initial yield of 8.0%. This follows the announcement on 12 September 2019 that the JV had exchanged contracts for the acquisition.
NewRiver will hold a 10% interest in the asset (NRR share: GBP4.5 million) and will benefit from 10% of the net rental income (NRR share: GBP0.4 million per annum). NewRiver will be appointed as asset manager, in return for a management fee calculated with reference to the gross rental income of the asset, and will also receive a promote based on financial performance.
The gross asset value subject to the transaction is GBP44.7 million and NewRiver's share of the transaction will be satisfied from existing resources and available credit facilities.
Including this acquisition, the JV established in May 2019 has acquired GBP105.1 million of assets (NRR share: GBP34.7 million), reflecting a net initial yield of 9.0%.
For further information
NewRiver REIT plc +44 (0)20 3328 5800
Allan Lockhart (Chief Executive)
Mark Davies (Chief Financial Officer)
Tom Loughran (Investor Relations)
+44 (0)20 7251
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 33 community shopping centres, 23 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) Dow Jones Newswires
October 17, 2019 02:00 ET (06:00 GMT)