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NewRiver REIT PLC on Monday said it had a stable opening quarter as the company continues to pursue acquisitions to expand its portfolio of assets.
The London-based real estate investment trust buys, develops and manages UK retail properties.
In the company’s financial first quarter, which ended June 30, occupancy was stable year-on-year at 97%.
NewRiver REIT completed 147,300 square feet of leasing in the first quarter, down 17% from 177,300 a year before.
Cash and cash equivalents held by the company were down 2.2% to £134 million as of June 30 from £137 million a year before, although this was up 0.8% from £133 million at March 31.
Chief Executive Allan Lockhart said: ‘The strong operational performance delivered in our last financial year continued into the first quarter of FY25 with leasing transactions ahead of [estimated rental values] and occupancy and tenant retention rates maintained at elevated levels. Our portfolio continues to perform well underpinned by good occupational demand and the quality of our asset management.’
In July, NewRiver REIT acquired Ellandi Management Ltd, an asset management and development business focused on UK retail and regeneration, for £5 million in cash, with a further £4 million subject to earnings performance.
Ellandi brought with it 16 shopping centre asset management mandates with 10 different partners covering 6.3 million square feet.
‘We now own or manage £2 billion of retail real estate assets, collecting nearly £190 million of annual rent from over 3,000 tenants,’ NewRiver REIT said.
On May 23, NewRiver REIT confirmed that it had made a proposal to Growthpoint Properties Ltd for an all-share offer in cash and shares of its majority stake in shopping centre investor Capital & Regional PLC. It must announce whether or not it will put forward a firm offer for Capital & Regional no later than August 15.
NewRiver REIT shares were down 0.6% to 81.10 pence each in London on Monday morning. Capital & Regional shares up 0.5% to 68.15p.
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