NewRiver Retail Limited
("NewRiver" or the "Company")
AGM Statement and Update
At today's Annual General Meeting of NewRiver Retail Limited (AIM and CISX: NRR), Chairman Paul Roy will make the following statement:
"As announced at the Company's full year results on 23 May 2013, NewRiver has delivered a third consecutive year of growth on the back of a robust financial performance. Importantly the Company made a strong start to the current financial year.
During the financial year ended 31 March 2013, NewRiver continued to strengthen its platform for growth and expanded its high quality, income generating portfolio of assets. A significant highlight of the year was the Company's £90 million acquisition of a major portfolio of five shopping centres through the creation of a new joint venture with LVS, a subsidiary of PIMCO BRAVO Fund.
Separately NewRiver completed a further asset acquisition, two high-yielding disposals and accomplished 142 positive leasing events.
NewRiver continued to advance its 600,000 sq ft portfolio-wide risk-controlled development programme achieving significant progress and major planning approvals. The Company also introduced a range of new high quality tenants to its portfolio including Primark, Iceland, Home Bargains and Nando's. The Company accelerated its extensive commercialisation and digital roll-out which enhances the customer experience across its portfolio.
This impressive performance and high level of activity saw growth in revenue to £18 million, EPRA Adjusted Profit increased to £5.2 million, EPRA adjusted earnings per share of 16.3 pence and dividend per share increased to 16 pence.
Following the financial year-end, NewRiver announced a transformational £67 million fundraising. The significant level of demand demonstrated a strong vote of confidence in the Company's management and proven business strategy. NewRiver has identified an encouraging pipeline of opportunities that it will seek to complete through standalone acquisitions, joint ventures and co-investments and we look forward to updating the market in due course.
In only four years since it listed its shares on the London Stock Exchange's AIM, NewRiver's impressive expansion has driven the Company to become the fourth largest owner and operator in the UK by number of retail assets over 50,000 sq ft. NewRiver owns or manages 23 shopping centres and other town centre assets with a current capital value of approximately £400 million.
The Company has developed a profitable growth platform with a strong management team focused on driving income returns and enhancing long-term shareholder value. Retail is a dynamic sector and pivotal to the UK economy and presents experienced specialist REITs like NewRiver with considerable opportunities for growth. With acquisition yields historically high and borrowing costs historically low, NewRiver continues to source compelling buying opportunities and is well-positioned to take full advantage of these favourable conditions."
-Ends-
For further details contact:
NewRiver Retail Limited Paul Roy, Chairman David Lockhart, Chief Executive Mark Davies, Finance Director |
Tel: 020 3328 5800 |
Pelham Bell Pottinger David Rydell/Guy Scarborough/Charlotte Offredi |
Tel: 020 7861 3232 |
