NewRiver REIT has announced an increased first quarter dividend, and said it has significant firepower which it will deploy towards acquisition opportunities and its development pipeline.
The specialist shopping centre investor declared a 5% rise in its first quarter dividend to 5.25p a share, up from 5p for the same period a year earlier.
During the quarter, the company also successfully raised £225m of equity, part of which it spent acquiring the 50% stake in the BRAVO joint venture that it did not already own.
David Lockhart, chief executive of NewRiver REIT said: “In the context of continued political uncertainty, the highlight of what has been another busy and successful period for the company was our significantly over-subscribed £225m equity raise.
“We have seen continued momentum across the business, and made substantial progress across our risk-controlled development pipeline, most recently obtaining planning consent for our major mixed-use regeneration in Cowley, Oxford. We believe that with our proven business model and increased scale we are well-placed to continue to deliver growing and sustainable cash returns to our shareholders.”
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