Retail property group NewRiver Retail (NRR) may have lost almost a fifth of its stock-market value following the EU referendum, but trading in the three months to the end of June has been strong. Occupancy, lease length and footfall all improved in the period, a new improved debt and refinancing facility for £85.3 million was signed, and a number of leasing deals with major national retailers have continued to progress as planned following the Brexit vote.
Sentiment towards the shares has been hit by plummeting post-referendum consumer confidence - researcher GfK recorded the biggest consumer-confidence slide in 21 years. However, NewRiver looks relatively defensive as many of its tenants are 'value stores' such as Primark, Poundland, B&M and ASDA. In a show of confidence, NewRiver has lifted its first quarter dividend by 11 per cent to 5p.