NewRiver reports 'highly active' third quarter with strong Christmas performance

Real Estate Investment Trust NewRiver Retail said it had a “highly active” third quarter and post-period with transactions totalling £150m.

These included £108m in acquisitions, an average yield of 8% and disposals totalling £41m.

In a trading statement, NewRiver chief executive David Lockhart said the fourth quarter had "got off to an encouraging start”, with a £9m post-period disposal, “reflecting our commitment to effectively recycling capital”.

“We look forward to the opportunities that 2016 presents including our planned move to a Premium Listing on the Main Market in July."

Lockhart said NewRiver's portfolio performed well during the Christmas period with a variety of retailers reporting strong trade, surpassing targets and a number of stores achieving the strongest ranking performance in their region and national portfolio.

“Key sub-sectors in the portfolio were: fashion, beauty, fast-food, gaming and entertainment operators. In line with the UK benchmark, the portfolio experienced a modest dip in footfall during the Christmas period of -3.8%, but was off-set by an increase in consumer spend with retailers experiencing increases in sales,” he said.

“The Christmas performance outcome is testimony to the strength of the company's active asset management and risk controlled development strategy which attracts convenience-orientated shoppers year-round generating further Christmas uplifts.”