NewRiver completes £107m Hawthorn acquisition alongside strong annual results

Allan Lockhart

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”.

This is premium content

You must be logged in to view premium stories.

Gated access promo

Subscribe for full access

Take out a print and online or online only subscription and you will get immediate access to:

  • Breaking industry news as it happens
  • Expert analysis and comment from industry leaders
  • Unlimited access to all stories, including premium content
  • Full access to all our online archive

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

If you are already a registered user or a subscriber you can SIGN IN now