NewRiver REIT recorded “excellent” leasing performance in the year ended 31 March 2025, the company said in a trading update ahead of its full year results, which will be announced in June.
The REIT completed leasing deals totalling 939,700 sq ft, with long-term transactions up 8.8% versus ERV and up 17.5% versus previous rent.
NewRiver said leasing performance in Q4 was particularly strong, with a key transaction seeing the company let a 48,100 sq ft former Homebase store at Cuckoo Bridge Retail Park in Dumfries, to Sainsbury’s on a 15-year lease at a rent 60% above both the previous rent and valuer’s ERV.
NewRiver said the Capital & Regional assets, which were acquired in December 2024, have now fully transferred to its operating platform and continued progress has been made in unlocking annual cost synergies.
Thanks to the addition of the Capital & Regional assets and a circa 0.6% increase in capital values, the value of NewRiver’s portfolio increased from £540m in September 2024 to £897m as at 31 March 2025.
Allan Lockhart (pictured), chief executive of NewRiver REIT, said: “We are pleased to end a successful and busy FY25 with another excellent quarter of operational and leasing performance. The benefits of the corporate transactions that we completed in the year, especially the Capital & Regional acquisition, are starting to flow through. Our portfolio has been performing well for some time, which is a reflection of the underlying strength of our retail occupiers, and, together with the benefits of our corporate activity means we are firmly on track to deliver sector leading earnings growth.”
