REG - NewRiver REIT plc - Disposal of Poole Retail Park

Newriver ReitAnnouncement

23/12/2021 07:00

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RNS Number : 5502W  NewRiver REIT PLC  23 December 2021

NewRiver REIT plc

("NewRiver" or the "Company" or the "Group")

Disposal of Poole Retail Park for £58.0 million

 

NewRiver and BRAVO Strategies III LLC ("BRAVO") are pleased to announce the
completion of the disposal of Poole Retail Park in Dorset for £58.0 million
(NRR share: £5.8 million). This pricing represents a net initial yield of
6.6% (based on assumed purchaser's costs of 1.8%), a 7.4% premium to the
latest valuation and is 30% higher than when NewRiver and BRAVO acquired the
asset in October 2019. Since acquisition the asset has generated an IRR of
21.6% (excluding the promote fee).

In the two years since acquisition NewRiver has completed several successful
initiatives at the Retail Park. These include securing a 10 year lease
extension and over 60% rental uplift with Homebase, which had undergone a CVA
prior to our acquisition of the Retail Park. We also agreed new leases with
existing occupiers Boots and Next and introduced Bensons for Beds to the park
on a 10 year lease, replacing a former Laura Ashley unit. In February of this
year we also completed a new 10 year lease for a 30,400 sq ft unit to Sports
Direct, replacing a former DW Sports unit.

Allan Lockhart, Chief Executive commented: "This disposal demonstrates the
strong returns that can be generated from our experienced asset management
platform through capital partnerships. In a short space of time we have
completed numerous leasing transactions at the Retail Park which have improved
the customer offer and supported the asset's income and valuation. We are
delighted to have secured such good pricing on this disposal which
demonstrates the inherent liquidity in our portfolio."

For further information

 

 NewRiver REIT plc                             +44 (0)20 3328 5800
 Allan Lockhart (Chief Executive)

 Will Hobman (Chief Financial Officer)
 Emily Meara (Head of Investor Relations)

 

 Finsbury               +44 (0)20 7251 3801
 Gordon Simpson

 James Thompson

 

About NewRiver

 

NewRiver REIT plc ('NewRiver') is a leading Real Estate Investment Trust
specialising in buying, managing and developing essential retail and leisure
assets throughout the UK.

 

Our £0.7 billion portfolio covers 8 million sq ft and comprises 29 community
shopping centres and 17 conveniently located retail parks. We have hand-picked
our portfolio to focus on occupiers providing essential goods and services and
to support the development of thriving communities across the UK, while
deliberately avoiding structurally challenged sub-sectors such as department
stores and mid-market fashion. Our objective is to own and manage the most
resilient retail portfolio in the UK, focused on retail parks, core shopping
centres, and regeneration opportunities in order to deliver stable income and
capital growth to our investors.

 

NewRiver has a Premium Listing on the Main Market of the London Stock Exchange
(ticker: NRR). Visit www.nrr.co.uk for further information.

 

LEI Number: 2138004GX1VAUMH66L31

 

 

 

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