New River Retail is planning to have another punt at floating on Aim in September, and now hopes to raise £25m - just one tenth of the £250m targeted at the time of its failed floatation in June.
Established by property stalwart David Lockhart, New River plans to take advantage of low-priced retail property deals, then use its asset management skills to boost returns. It hopes to gain access to big deals through joint ventures with larger investors, rather than using its own capital.
Advised by Merril Lynch, the company has reputedly received pledges for its £25m target from large institutional shareholders, and has indicated that it could return to the market for a further raise of up to £100m when its first investments are off the ground.
