REG - NewRiver REIT plc - Disposal of Abbey Centre for £58.8m

Newriver ReitAnnouncement

Tue 07:00

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RNS Number : 1155L  NewRiver REIT PLC  03 June 2025

 

NewRiver REIT plc

("NewRiver" or the "Company")

 

Disposal of Abbey Centre, Newtownabbey, Northern Ireland for £58.8m

 

 

NewRiver announces that it has completed on the disposal of Abbey Centre,
Newtownabbey in Northern Ireland to The Herbert Group of Companies in an off
market transaction for £58.8m, reflecting a net initial yield of c.9%. The
sale price is in-line with both the March 2025 and the March 2024 book values.

 

The 320,000 sq ft shopping centre, located six miles north of Belfast City
Centre, is home to over 70 shops with a strong convenience offer, together
with a popular food court and a doctors surgery. Having owned the asset since
2014, NewRiver has completed a number of successful initiatives, improving
occupancy, which currently sits at 99%, tenant mix and rental tone with
highlights including:

 

 ●    The creation of a new 44,000 sq ft flagship store for Next
 ●    Realised a capital receipt as part of Dunnes refurbishment and 15,000 sq ft
      extension
 ●    Re-anchored the scheme through the delivery of an upsized Primark into a
      former BHS unit
 ●    Upsized Danske Bank to a new flagship branch and created a new external unit
      for Greggs
 ●    Upsized River Island, Poundland, The Works and Superdrug
 ●    Completed a refurbishment programme including the entrance, car park and a
      revitalised food court

 

NewRiver expects to reinvest the capital into opportunities with superior
income and capital growth potential. In the meantime, the sales proceeds will
be used to reduce NewRiver's LTV as at 31 March 2025 by c.4% bringing it well
within LTV guidance of <40%.

 

Allan Lockhart, Chief Executive commented: "This off market sale of
Newtownabbey is a great example of our specialist platform capabilities, from
our disciplined stock selection to transforming the asset into one of the most
successful shopping centres in the region and then securing a successful exit
at book value. Capital recycling is one of our growth drivers and we believe
the success of our asset management initiatives has extracted the maximum
value from this asset. We remain on track with other disposals and so whilst
this sale brings our LTV to below our guidance, in due course we expect to
recycle our capital into opportunities with superior income and capital growth
potential. This sale also demonstrates the continuing improvement in investor
demand for UK shopping centres."

 

 

For further information

 

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

 Will Hobman (Chief Financial Officer)

 

 

 FTI Consulting        +44 (0)20 3727 1000
 Dido Laurimore

 Giles Barrie

 

 

About NewRiver

 

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

 

Following the completion of its acquisition of Capital & Regional in
December 2024, NewRiver has a £0.8 billion UK wide portfolio covering 7.9
million sq ft, comprising 27 community shopping centres and 13 conveniently
located retail parks occupied by tenants predominately focused on essential
goods and services. In addition, we manage 21 shopping centres and 18 retail
parks on behalf of Capital Partners, taking our total Assets Under Management
to £2.4 billion. 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 to deliver long-term attractive recurring
income returns and capital growth for our shareholders.

 

NewRiver is listed on the Equity shares (commercial companies) category of 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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