August 1st, 2013NewRiver Retail CEO Puts Cash in U.K. Malls as Confidence Rises
London, UK – NewRiver Retail Ltd. invested in a 24th U.K. shopping center, convinced the property will generate reliable income even in hard times, its chief executive officer said. The real-estate owner’s shares are outpacing competitors.
“This is the most confident we have felt in our four-year history,” CEO David Lockhart said in an interview following the 50 million-pound ($76 million) acquisition this month of Hillstreet Shopping Centre in Middlesborough, England, about 250 miles north of London.
NewRiver focuses on medium-sized shopping centers, and has bought empty units and revived ailing malls. The London-based company had 440 million pounds of assets under management on March 31, including malls and other retail sites. Tenants include budget clothing chain Primark, grocer Tesco and pharmacy chain Boots.
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