By Richard Hook2018-05-24T08:19:00
NewRiver REIT has completed the acquisition of pub landlord Hawthorn Leisure for a final value of £106.8m and posted strong annual results including a 26% rise in IFRS profit after tax.
The post-year end acquisition from an affiliate of Avenue Capital Group represented a net initial yield of 13.6% and will be paid out from existing resources. It further increases NewRiver’s proforma portfolio value from £1.24bn in annual results at 31 March to £1.35bn and ups the pub weighting within the REIT’s portfolio from 12% to 19%.
Alongside the new acquisition, NewRiver posted a steady EPRA NAV per share of 292p, equal to the NAV at 31 March 2017, as it increased IFRS net assets from £684.5m to £892.4m in what chief executive Allan Lockhart described as a “year of growth despite a challenging environment for UK real estate”.
You must be logged in to view premium stories.
Take out a print and online or online only subscription and you will get immediate access to:
To get access to premium content subscribe today
Alternatively REGISTER for a free trial to access up to 4 articles and sign up for email alerts