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It was a year of feverish activity at NewRiver Retail, an opportunistic property fund launched in September 2009 to take advantage of market falls. It made six acquisitions totalling £93m, funded by £42.5m of new equity as well as debt. The income generated from these new assets led to a near tripling of the dividend – as a real-estate investment trust, NewRiver is obliged to pay out 90 per cent of its cash earnings.