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NewRiver in the press

The Telegraph: NewRiver REIT wins first asset management job at Canterbury shopping mall - 19 September 2018

19 September 2018

NewRiver REIT wins first asset management job at Canterbury shopping mall

Source: SMW

NewRiver REIT said it had signed an asset management agreement with Canterbury City Council for the Whitefriars shopping centre.

This agreement was the first to be signed by NewRiver since it announced in May a longer-term strategy to adapt to a changing retail real estate market.

The strategy included using its asset management platform to manage third-party assets.

Under the terms of the deal, NewRiver would undertake full asset management responsibilities for the shopping centre in exchange for a management fee, calculated as a proportion of net operational income received and a development fee.

The agreement would initially be for two years, with the option of a roll on for a further two years.

ENDS