The business rates revaluation in April has provided a significant boost to NewRiver REIT’s tenants.
In its full-year results released this week, the company said that rateable values across 90% of its retail portfolio had reduced by more than 19% and that its pub operators had saved an average of 40% on their rates bills.
Allan Lockhart, property director at the company, cited the figures as evidence that its tenants were “trading profitably at our assets, underpinning the sustainability of our income”.
“They already pay a very affordable rent within our portfolio of £12.45/sq ft, so in all probability their profitability will be enhanced,” he said.
In its results, NewRiver also revealed that it had appointed Rothschild to advise on a refinancing with the aim of increasing its debt maturity and making the majority of its debt unsecured.
The results showed a 1% year-on-year fall in EPRA NAV per share to 292p and an ungeared total property return of 6.8%.
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