NewRiver Retail in £108m buying spree

NewRiver Retail said it it was buying four shopping centres and two retail warehouses for £108m.

It said the investments would provide an average yield of 8%.

NewRiver said it has exchanged contracts to acquire the Neptune Portfolio for £92.3m, equating to a net initial yield of 8.0%, an equivalent yield of 9.6% and a reversionary yield of 10.5%.

It has also completed the acquisition of three further retail assets for a combined total of £15.6m at a blended net initial yield of 7.3%.

The acquisitions will be funded using some of the £150m raised from the company's placing of 46.1m new ordinary shares .