NewRiver REIT (LON:NRR) will today hold a Capital Markets Day for analysts and institutional investors, during which the Company will provide further information on its current investment focus and demonstrate the alternative use value inherent within its portfolio of retail assets.
In addition, the Company will provide an update on its capital recycling programme, a key strategy to re-establish dividend cover. As stated at its Full Year Results announcement on 23 May 2019, NewRiver has a target to recycle a minimum of 5% of its portfolio in FY20 (c.£64 million).
In FY20 to date, the Company has either completed, exchanged or is under offer on £57.9 million of disposals on terms 1.2% above book value, reflecting a blended net initial yield (‘NIY’) of 5.4%.
NewRiver REIT has deployed the proceeds of its completed disposals (£29.9 million) into the acquisition of five retail parks in its newly formed joint venture (NRR share of gross assets: £34.7 million), at a blended NIY of 9.0%.
No new material disclosures will be made during the event. Presentation materials will be made available at www.nrr.co.uk later this afternoon, with an audio recording of the presentation made available at the same address as soon as practicable after the event.
