NewRiver Retail to pay first quarterly dividend, proposes placing
Updated : 12:33
UK real estate investment trust (REIT) NewRiver Retail has announced its first quarterly dividend and proposed plans for a 300p a share placing that would raise gross proceeds of £150m.
The funds would be used to acquire the remainder of both Trent Jersey property unit trust (JPUT) and Camel III JPUT, as well as its near term acquisition and development pipeline.
The REIT currently owns a 50% stake in each of the JPUTs and is looking to buy up the other halves.
The group is also looking to move from the AIM to the main market of the London Stock Exchange.
Chief executive David Lockhart said: "This equity fundraising will give us the ability to boost the gross asset value of the business to in excess of £1bn.
"We continue to seek asset acquisitions which meet our target criteria and believe the company is well positioned to continue to deliver long term value for shareholders."
The trust announced that its first quarterly dividend for the current financial year will by 4.5p per share.
The share price had fallen 1.84% 308.70p by 11:45.