NewRiver Retail suffered a net asset value decline of 5.5% in its 2011 financial year, caused by the costs of its equity raising and purchases.

The retail specialist saw NAV decline to 258p a share in the year to 31 March, from 273p - a decline of 16p.

However, NewRiver said the 33.5p per share of the decline was caused by “one-off costs relating to equity fund raising and purchase costs.”
Removing exceptional costs, NewRiver said like-for-like net asset value increased by 7.5%.

David Lockhart, chief executive of NewRiver Retail, said: “Considering the challenging conditions in the wider UK retail environment we have continued to transact on attractive value creating opportunities.

“Whilst investment sentiment remains cautious, we believe there continues to be highly attractive opportunities for well capitalised, specialist and proven investors in UK retail property.

“Through our strong relationships with retailers, wide network of contacts, market intelligence and focused business strategy we are in a strong position to build on our success and enhance our position as one of the UK’s leading retail real estate investors.”

NewRiver spent £93m on acquisitions in the year, at an average yield of 8.5%, bringing assets under management to £275m.

The company made a pre-tax profit of £4m.