logo-loader

NewRiver Retail raises up to £75mln to grab opportunities

Last updated: 06:46 21 Jan 2014 GMT, First published: 07:46 21 Jan 2014 GMT

window_shopping

Fast growing shopping centre owner NewRiver Retail (LON:NRR) is to raise up to £75mln through a placing at 265p.

The property group has already received firm commitments for £50mln of the money, which chief executive David Lockhart said would be used on a number of attractive opportunities currently available.

NewRiver specialises in shopping centres in regional towns and cities that are generating high rental yields.

In December, the company added to its portfolio with the acquisition of Newkirkgate Shopping Centre in Edinburgh, the Beacon Centre in North Shields, Tyne & Wear, and the La Porte Precinct near Falkirk for £24mln.

That followed the £34mln acquisition of shopping centres in Llanelli and Oxford and the purchase of 202 pubs for £90mln from brewer Marston’s, which it intends to turn in to convenience stores and restaurants. The company also raised £67mln through a funding in June.

NewRiver added that to avoid dividend payments to existing shareholders this year being diluted, it will pay a special dividend of 10p that will not be payable on the new placing shares. Going forward, NewRiver will also pay its dividends quarterly.

“The move to a quarterly dividend structure is testament to our commitment to delivering shareholder returns in the most timely and effective manner,” said Lockhart.

Caledonia Mining tackles 2023 challenges with optimism for 2024 as it...

Caledonia Mining Corporation PLC (AIM:CMCL, NYSE-A:CMCL) chief executive Mark Learmonth tells Proactive's Stephen Gunnion the company faced a challenging 2023, primarily due to poor production in the first half of the year at its core asset, the Blanket Mine in Zimbabwe, and an underperformance...

2 hours, 10 minutes ago