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Eversheds advises NewRiver Retail on £67 million equity fundraising
- United Kingdom
19-07-2013
Global law firm, Eversheds has advised AIM and CISX-quoted NewRiver Retail Limited ("NewRiver"), a UK REIT specialising in value-creating retail property investment and active asset management, on raising £67 million of gross new equity capital.
The proceeds of the fundraising will be deployed on standalone acquisitions, joint ventures and co-investments.
NewRiver has built a substantial portfolio of assets in the period since its flotation on AIM in September 2009 and now owns or manages 24 shopping centres and other town centre assets with a current capital value of circa £450 million making it the fourth largest owner and operator in the UK by number of retail assets over 50,000 sq ft. Eversheds advised NewRiver on its flotation and has advised on all of its subsequent fundraisings which, in total, have raised approximately £170 million.
The Eversheds team was led by Partner, Aleen Gulvanessian, assisted by Principal Associate, Mark Roe, and Associate, Olivia Zhardan.
Aleen commented:
"NewRiver is a valued client of the firm, who we have advised on several fundraisings, acquisitions and strategic joint ventures since their IPO in 2009. This latest fundraising will provide additional equity capital to assist NewRiver with implementing its now proven and successful strategy and to continue the significant growth it has already achieved to date."
David Lockhart, Chief Executive of NewRiver Retail, said:
"In the four years since IPO, NewRiver has built a diverse, high quality and high yielding portfolio of income generating assets. Our proven investment strategy focused on driving income returns and enhancing value through active asset management and risk-controlled development has led NewRiver to its third consecutive year of growth.
"As our corporate legal advisers since our inception, Eversheds have been a continued source of pragmatic commercial advice and have assisted us in delivering our most successful equity fundraising to date."
This information is for guidance purposes only and should not be regarded as a substitute for taking legal advice. Please refer to the full terms and conditions on our website.
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