NewRiver unveils maiden full year results
Published: 02 June, 2011
NewRiver Retail made pre-tax profits of £4.9m in the year to 31 March 2011
Specialist retail investor NewRiver Retail reports it has created a strong platform for growth in its first year as a listed company.
Acquisitions in the year reached £89m at an average initial yield of 8.5 per cent and £11m of property was sold. And the company said its asset management strategy has already delivered 53 new lettings
NewRiver has also launched a significant development and refurbishment programme covering 500,000 sq ft across eight shopping centres within the existing portfolio. And it has been appointed development manager by Scottish Widows for a major shopping centre development in Abingdon.
Chief executive David Lockhart said: “While sentiment remains cautious within the retail sector we believe there continues to be highly attractive opportunities for properly capitalised, specialist and proven investors like NewRiver. In the 19 month period since our IPO in September, 2009 we have achieved our key objective of establishing a profitable platform with a strong management team that is capable of delivering sustainable growth
