Source - SMW
NewRiver REIT has proposed a capital hike to raise gross proceeds of not less than £133m via a firm placing and additional gross proceeds of not less than £67m by way of a placing and open offer.

All would be at an offer price range of 330p-340p a share.

Proceeds were intended to be used to fund the consideration of about £60m for the acquisition of the 50% share the company does not already own in its BRAVO Joint Ventures, for which NewRiver had entered into heads of terms.

It would also be used to finance the £30m of identified (but not yet contractually committed) capital expenditure and risk-controlled development, including the construction of further convenience stores for the Co-operative and the development of the Group's Canvey Island retail park.

The funds would additionally be used to pursue NewRiver's acquisition pipeline, all of which was off-market or selectively marketed.