Retail REIT NewRiver expands Midlands portfolio

RETAIL property trust, NewRiver Retail, has expanded its portfolio in the West Midlands with a new acquisition.

The company, which owns the Regents Court centre in Leamington Spa, has acquired asset5s in Rugby and Nuneaton as part of a £19m deal.

The REIT, which specialises in value-creating retail property investment and active asset management, has completed contracts for the Sands Portfolio, which includes the Arndale Shopping Centre in Morecambe and five UK High Street assets.
The deal, funded through cash resources, equates to a net initial yield of just under 9.75%.

Individually, the assets were last traded between 2005 and 2007 for a combined total of £40m but NewRiver said the latest deal was the result of a distressed debt situation.

In total, the portfolio comprises 141,000 sq ft and benefits from a high occupancy of 95%.

In addition to the two sites in Warwickshire, the five high yielding High Street assets are located in Spalding, Blackpool and Perth. The five sites comprise a total of 33,800 sq ft and have been purchased for £5m at a blended net initial yield of 12.2%. Retailers within the High Street portfolio include: Boots, McDonalds, Halifax, Monsoon and Top Shop.
 

Board changes at Hill & Smith

SOLIHULL-based building supplies group, Hill & Smith has announced a series of changes to the make-up of its board committees.

Following the appointment of Annette Kelleher to the board on December 1, 2014, the group said Ms Kelleher had now taken positions on the Audit, Nomination and Remuneration Committees.

In line with best practice, following the appointment of Ms Kelleher to these board committees, Bill Whiteley, chairman of the company, will step down from the Audit and Remuneration Committees. He will continue to chair the company and the Nomination Committee.

Victrex appointment for Carillion NED

WOLVERHAMPTON infrastructure and support services group Carillion has announced a new board appointment.

The group said Andrew Dougal, Non-Executive Director and chairman of the Audit Committee, would join the board of polymer supplier Victrex plc as a NED with effect from March 1, 2015.