In QuotedData’s morning briefing 23 August 2021:
- NewRiver REIT (NRR) has completed the sale of Hawthorn Leisure REIT, which held NRR’s entire community pub business, to AT Brady Bidco for £222m. There may be a further £4m, relating to a pending insurance claim, to be received by Hawthorn following the date of completion. Net proceeds (£216m) are expected to be used to reduce net debt, significantly strengthening NRR’s balance sheet and accelerating the delivery of its target to reduce LTV below 40%. NRR intends to use approximately £100m to repay the outstanding balance on the Revolving Credit Facility.
We also have a positive trading update from Shaftesbury.