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NewRiver is pleased to announce that Fitch Ratings has affirmed its Long-Term Issuer Default Rating (IDR) at ‘BBB’ with Stable Outlook and senior unsecured rating at ‘BBB+’. The senior unsecured rating applies to NewRiver’s GBP300 million senior unsecured bond dated 2028.
NewRiver remains well-positioned with a fully unsecured balance sheet, which is conservatively geared with an LTV of 38% and strong interest cover of 3.8x, well within the Company’s guidance and stated policies. This unsecured debt structure is highly efficient and covenant-light, providing the Company with significant operational flexibility, a low cost of debt of 3.2%, and long-term debt maturity, with no refinancing events expected until 2024 and beyond.
Tom Loughran, Head of Investor Relations (NewRiver)
+44 (0)20 3328 5800
Lucy Mitchell, Director of Communications & PR (NewRiver)
+44 (0)20 3328 5800
Gordon Simpson/James Thompson (Finsbury)
+44 (0)20 7251 3801
NewRiver REIT plc (‘NewRiver’) is a leading Real Estate Investment Trust specialising in buying, managing and developing essential retail and leisure assets throughout the UK.
Our £1.1 billion portfolio covers 9 million sq ft and comprises 33 community shopping centres, 24 conveniently located retail parks and around 700 community pubs. We hand-picked our assets to deliberately focus on occupiers providing essential goods and services, and avoid structurally challenged sub-sectors such as department stores, mid-market fashion and casual dining. This focus, combined with our affordable rents and desirable locations, delivers sustainable and growing returns for our shareholders, while our active approach to asset management and inbuilt 2.6 million sq ft development pipeline provide further opportunities to extract value from our portfolio.
NewRiver has a Premium Listing on the Main Market of the London Stock Exchange (ticker: NRR). Visit www.nrr.co.uk for further information.
LEI Number: 2138004GX1VAUMH66L31