NewRiver completes over 250,000 sq ft of new lettings and renewals
NewRiver has completed 252,200 sq ft of new lettings and renewals in the first quarter of the 2026 financial year.
This was up from 147,300 sq ft during the same quarter last year.
During the period, the real estate investment trust (REIT) secured £2m of rent through long-term transactions, a year-on-year increase of £0.3m. NewRiver also recorded a portfolio occupancy rate of 94.9% and a retention rate of 92%.
The REIT said that UK consumer spending has remained strong, with total UK retail and supermarket spending in its estate up by 4.5% year-on-year during the six months to June 2025.
During the quarter, NewRiver also completed the sale of the Abbey Centre in Newtownabbey, Northern Ireland, for £58.8m. Since acquiring the 320,000 sq ft scheme in 2014, NewRiver has completed a number of successful initiatives, including the creation of a new 44,000 sq ft flagship store for Next, the delivery of an upsized Primark into a former BHS unit, and the completion of a refurbishment programme including the entrance, car park, and a revitalised food court.
Allan Lockhart, chief executive of NewRiver, said: “We have made an excellent start to the new financial year. Consumer spending growth across our portfolio is robust and continues to outperform the national average which has supported another strong leasing quarter, reflecting the quality of our portfolio. This follows on from a transformational year in which gross assets increased by 65%, net assets by 35%, and, most importantly, underlying funds from operations rose by 25%.
“During the quarter, we capitalised on increasing investor demand for UK shopping centres by completing the successful sale of the Abbey Centre in Belfast for £58.8 million, in-line with March 2024 and 2025 book values. We will continue to selectively recycle capital to realise value and reinvest into opportunities with greater income and capital growth potential. Our balance sheet remains in an excellent position to support our core objective of delivering sector-leading earnings growth.”