NewRiver Retail now has £1bn worth of assets under management, having completed the acquisition of 158 pubs from Punch Taverns last Friday for £53.5m.
In an exclusive interview with Property Week, chief executive David Lockhart said the REIT currently had a market cap of £600m and was confident it could double in size by 2020.
“We want to grow the business to a point where we achieve three things: one is that we have greater economies of scale; second, there is greater liquidity for our shareholders; and third, the business is still a size where we can be entrepreneurial and fleet footed and be able to focus on all our assets, not just a few of them,” he said.
“What size is that? We think it’s somewhere around the £1bn market cap and assets under management of around £2bn, so we could easily double the size of the business over the next five years.”
In July, the company bought three assets worth £121m, marking the deployment of the majority of the £150m raised in the company’s recent equity fund raise.
- Read more about NewRiver Retail’s plans in Property Week’s interview here.