NewRiver Reit (NRR) has had a busy six months to the end of September, changing its name and moving to the main listing on the London Stock Exchange. The retail property landlord also delivered a master class in how to prosper in such times of uncertainty, and while the inevitable downward valuation on the property portfolio hit headline profit, the more important net property income figure, boosted by acquisitions, rose by 41 per cent to £33.6m.
NewRiver was quick to spot a distressed sale by an open-ended property fund, and bought a retail warehouse in Sheffield for £18m. The existing tenant then agreed to a £12.25m payment for early surrender of the lease. As this is classed as property income, there could be a special dividend next year.