NewRiver Retail invests £120m on acqusitions

Real estate investment trust NewRiver Retail has completed three acquisitions worth a combined £121m.

The group, which had recently raised £150m, has acquired the Ramsay Retail Warehouse portfolio for £69.1m, which equals a net initial yield of 8% on the income producing assets.

The London-listed company has also secured the 50% stake in the Trent JPUT – the Marston’s public house portfolio - it did not already own from LVS for £29m and the remaining 50% stake in the Camel III JPUT portfolio from LVS for £23m.

The two portfolios have a net initial yield of 10.1% and 7.2% respectively, NewRiver said in a short statement on Tuesday.

“Following the completion of these acquisitions our assets under management now total £918m, the vast majority of which are on our own balance sheet,” said group chief executive David Lockhart.

NewRiver shares were up 0.13% to 323.92p at 1028 BST.