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Eversheds advises NewRiver on over-subscribed 85 million equity fundraising

  • United Kingdom

    25-02-2014

    Global law firm Eversheds has advised NewRiver Retail Limited ("NewRiver"), the UK REIT specialising in value-creating retail property investment and active asset management, on its latest £85 million equity fundraising. The size of the fundraising, originally targeting £75 million, was increased following significant investor demand.

    The fundraising is the second that NewRiver has successfully completed in just over six months after it raised £67 million in July last year. The proceeds will be will be applied for the purposes of the Company’s continuing investment programme.

    The Eversheds team was led by Partner Aleen Gulvanessian, assisted by Principal Associate, Mark Roe.

    Aleen commented:

    "NewRiver continues to be a very highly valued client of the firm, who we have advised on all of their fundraisings and several acquisitions and strategic joint ventures since their IPO in 2009. This latest deal is a real testament to their ongoing success."

    David Lockhart, chief executive of NewRiver Retail, said:

    "The over-subscribed fund raise is a further endorsement of NewRiver's proven management and business strategy. The capital will be utilised to continue the company's expansion and strengthen its position as one of the UK's largest by number, value-creating owners and operators of shopping centres and retail assets. Eversheds continues to be a trusted adviser and an integral part of our team."

    Aleen Gulvanessian, Partner

    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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