NewRiver back in the black in ‘transformational’ period

The chief executive of NewRiver REIT has hailed a “transformational” period for the company as it closes its takeover of Capital & Regional, but has stressed that a focus on dealmaking has not meant the team took its eye off the ball elsewhere in the business. In half-year results for the six months to 30 September, then company was back in the black with a profit of £8.2m. Chief executive Allan Lockhart said the period had been “transformational” given the Capital & Regional deal and its acquisition of Ellandi. “Our focus on M&A activity has not detracted from our operational performance, which has been excellent with another good period of leasing activity. Consequently, occupancy and occupier retention rates remain high. We have a highly experienced asset management team, which has been further enhanced with the recent acquisition of Ellandi, and a portfolio that is significantly outperforming the market in terms of year-on-year consumer spending growth which is supporting the success of our occupiers.”