NewRiver Retail confident of withstanding Brexit worries

Property trust NewRiver Retail said it was well placed to withstand any market uncertainties post Brexit as it reported assets under management of £1.2bn in the first quarter, compared with £1.1bn for the same period last year.

Rent roll under management was £107.5m a year against £95.5m reported at the end of March. The company has declarted a quarterly dividend of 5p a share, up 11%.

NewRiver said it made £140m in acquisitions quarter, including Broadway Shopping Centre and Broadway Square Retail Park in Bexleyheath, south-east London, for £120.3m.

Chief executive David Lockhart said: “Operationally the business continues to perform well, with 90 leasing events completed during the quarter and occupancy, lease length and footfall all improving in the period.”

“We have made good progress on our Co-operative convenience store development programme, having delivered the first three stores with the next five under construction. Across the portfolio we have made further progress on our developments, securing planning consent to re-position the Montague Centre in Worthing into a vibrant restaurant quarter.”

“We believe that consumers are ultimately price-driven and with our convenience-led specialism, strong operational metrics, rigorous cost-control and conservative balance sheet we feel well-positioned to withstand market uncertainties following the EU referendum result.”