NewRiver Seeks To Acquire 13-Asset Portfolio From MRW
May 29 15
Wm. Morrison Supermarkets plc (LSE:MRW) is close to offloading a 13-asset portfolio as it seeks to sell off non-core property and generate cash from its real estate. NewRiver Retail Limited (AIM:NRR) is under offer to buy four development sites and nine freehold investments, all adjacent to Morrisons stores, for close to £70 million. Most of the assets are located in the supermarkets heartland in the North, and the freehold investments comprise retail warehousing. Cushman & Wakefield is advising Morrisons on the sale.
NewRiver Retail Limited Appoints Matthew Jones as Company Secretary
May 18 15
NewRiver Retail Limited announced that Matthew Jones has been appointed as Company Secretary to the company with immediate effect, to replace Morgan Sharpe Administration Limited which stepped down as interim company Secretary following Mr. Jones's appointment.
NewRiver Retail Limited Reports Consolidated Earnings Results for the Year Ended March 31, 2015
May 14 15
NewRiver Retail Limited reported consolidated earnings results for the year ended March 31, 2015. For the year, the company reported, the company reported net property income of £24,332,000, operating profit of £46,660,000 and profit after taxation of £39,528,000 or 36.2 pence per diluted share compared to net property income of £14,814,000, operating profit of £28,462,000 and profit after taxation of £23,048,000 or 33.2 pence per diluted share reported a year ago. Net cash generated from operating activities was £8,165,000 compared to net cash used in operating activities of £142,000 reported a year ago. Development and other capital expenditure was £9,351,000 compared to net £3,208,000 reported a year ago. Purchase of plant and equipment was £205,000 compared to £40,000 reported a year ago. EPRA profit was £18,522,000 or 17.6 pence per basic share compared to £7,276,000 or 12.0 pence per basic share reported a year ago. Net debt was £251.4 million compared to £92.9 million as at March 31, 2014. Property net income for the year including its share of Joint Ventures was a 33% increase compared to the prior year generated by the stable portfolio of assets on balance sheet and three new portfolios acquired as joint ventures with the BRAVO Joint Venture during the year. On a like-for-like basis, net rental income was stable with no increase on the prior year. EPRA NAV per share was 265 pence compared to 240 pence as at March 31, 2014. Funds from operations were £18.8 million or 17.8 pence per basic share compared to £7.1 million or 11.7 pence per basic share reported a year ago. NAV per diluted share was 265 pence compared to 240 pence as at March 31, 2014. EPRA adjusted profit of £20.9 million, profit before tax of £39.5 million and EPRA adjusted EPS of £19.8 on gross rental income and fees of £46,681,000 compared to EPRA adjusted profit of £9.5 million, profit before tax of £23.1 million and EPRA adjusted EPS of £15.7 on gross rental income and fees of £25,153,000 reported a year ago.