NewRiver cites ‘platform for growth’

NewRiver Retail delivered upbeat interim results in which it expressed confidence in a future that would benefit from “a significant platform for growth”. The REIT reported maiden pre-tax profits of £1.7m reflecting rental profits and increased valuations with a net asset value per share of 261p.

Acquisitions throughout the period totalled £23m at an initial yield of 8.1 percent and £67m of acquisitions since the end of the period at 8.5 percent initial yield.

Gross assets under management increased to £174m during the six months. While NewRiver undertook almost £10.5m worth of fundraising to accelerate growth.

David Lockhart, chief executive, said the company had acquired more than £150m of assets since formation, and it continued to be active in its marketplace. “We do not see that changing in the second half and through 2011. The company has created a significant platform for growth and I look forward to the future with great confidence.”