REG - NewRiver REIT plc - New operational management agreement

Newriver ReitAnnouncement

17/11/2022 07:00

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RNS Number : 6935G  NewRiver REIT PLC  17 November 2022

NewRiver REIT plc

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

 

New operational management agreement signed

 

NewRiver is pleased to announce that it has been appointed by a leading real
estate investor to manage a retail portfolio including 16 retail parks and one
shopping centre in the UK.

 

The appointment for a term of three years will include leasing and property
management responsibilities in return for a  fee calculated with reference to
the rental income of the portfolio. NewRiver will not be required to commit
any capital under this agreement.

 

The appointment is aligned with NewRiver's strategic aim to use its specialist
retail platform to enhance earnings in a capital light way by working in
partnership with institutions and other capital providers. It follows the
expansion and extension of the Canterbury City Council asset management
agreement for Whitefriars Shopping Centre and The Riverside, and the addition
of The Moor, Sheffield, to the Joint Venture with BRAVO during the last
financial year.

 

This additional portfolio comprising predominately retail parks has an
occupier profile aligned with NewRiver's portfolio and increases its retail
parks under management to 31.

 

Allan Lockhart, Chief Executive of NewRiver, said: "We are delighted to be
selected as an operating partner to manage this portfolio of resilient retail
assets. In doing so, we have achieved another milestone in our strategic focus
to expand our capital partnerships and enhance recurring revenue streams in a
capital light way. NewRiver's selection demonstrates our unique combination of
scale, expertise, relationships and governance, which means we are well placed
to provide best-in-class management expertise."

 

For further information

 

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

 Will Hobman (Chief Financial Officer)

 Lucy Mitchell (Communications & Investor Relations)

 

 FGS Global             +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 resilient retail assets
throughout the UK.

 

Our £0.65 billion portfolio covers 8 million sq ft and comprises 28 community
shopping centres and 15 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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