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NewRiver ready to splash some cash

Retail-focused REIT NewRiver wants to buy, after occupancy across its portfolio rose to 98%.

While revaluations saw the portfolio shrink from £643.2m in September last year to £553.1m, resulting in a £2.3m half-year loss, the rental picture was stronger, with revenue holding at £12.3m.

The six months saw 361,800 sq ft of leasing transactions at 11% above previous rent and 3.9% above ERV.

“Our occupational market today is in the best position it has been for five years,” said chief executive Allan Lockhart.

Lockhart is now looking at future opportunities. “For some time now, we have deliberately built up our cash position in anticipation of securing the right opportunities to deliver compelling returns and, encouragingly, growth opportunities are now starting to emerge.”

The REIT now has £138m of cash available for acquisitions, as well as a £100m newly extended RCF, and an LTV of 29.5%.

To send feedback, e-mail piers.wehner@eg.co.uk or tweet @PiersWehner or @EGPropertyNews

Image from NewRiver

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