Newriver Retail (LON:NRR) - Continued growth in difficult markets
Feb 08th 2013 - Edison Investment Research today published a report on Newriver Retail (NRR.L, LSE:NRR, LON:NRR) entitled "Continued Growth In Difficult Markets". In summary, the report says:
NewRiver Retail (NNR) represents a way to capitalise upon a weak UK retail backdrop. It acquires high yielding (c 9-10% net initial yields) town centre retail assets in better performing UK locations, with a defensive tenant weighting in less discretionary areas of consumer spending such as food, value and health & beauty. Despite media coverage of the challenges facing UK retail, none of the recent high-profile retailer failures (Game, Clintons, HMV or Jessops) operated in any the group’s 23 retail centres. Dividends are covered by earnings from affordable rents (and an assumed £0.8m cash disposal gain in FY13) and growth predicated only on asset management initiatives, with no increase in underlying market rental values. NRR confirms a pipeline of...
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