Sign in Subscribe
Real estate industry

NewRiver REIT PLC Reports Stable Opening Quarter Amid Ongoing Expansion

Strategic Insights

— 1 min read

NewRiver REIT PLC, a London-based real estate investment trust, has announced a stable opening quarter, marked by continued pursuit of acquisitions to expand its portfolio of assets. The company's financial first quarter, which ended on June 30, saw stable year-on-year occupancy at 97%, while leasing transactions exceeded estimated rental values. NewRiver REIT also completed the acquisition of Ellandi Management Ltd, a UK retail and regeneration-focused asset management and development business, for a total of £9 million.

Key Takeaways:

  • NewRiver REIT reported stable year-on-year occupancy at 97% in its financial first quarter, which ended on June 30.
  • The company completed 147,300 square feet of leasing in the first quarter, down 17% from 177,300 a year before.
  • Cash and cash equivalents held by NewRiver REIT were down 2.2% to £134 million as of June 30 from £137 million a year before.
  • The company acquired Ellandi Management Ltd for a total of £9 million, which brings 16 shopping centre asset management mandates with 10 different partners covering 6.3 million square feet.
  • NewRiver REIT confirms its proposal to Growthpoint Properties Ltd for an all-share offer in cash and shares of its majority stake in shopping centre investor Capital & Regional PLC, with a deadline to announce a firm offer by August 15.

Statistics:

  • Occupancy rate: 97% (year-on-year)
  • Leasing transactions: 147,300 square feet (down 17% from 177,300 a year before)
  • Cash and cash equivalents: £134 million (down 2.2% from £137 million a year before)
  • Acquisitions: £9 million (total for Ellandi Management Ltd)
  • Asset management mandates: 16 (among 10 different partners covering 6.3 million square feet)
  • Annual rent: nearly £190 million (from over 3,000 tenants)
  • Portfolio value: £2 billion (of retail real estate assets)

Sources:

  • NewRiver REIT PLC, press release, no date provided
  • "[Allan Lockhart] Chief Executive [of NewRiver REIT PLC], quoted in same press release"

Read more