Directorate Change

RNS Number : 9344Y

NewRiver Retail Limited

31 January 2014

 



 NewRiver Retail Limited

("NewRiver" or "the Company")

Directorate Change

NewRiver Retail Limited (AIM: NRR), the UK REIT specialising in value-creating retail property investment and active asset management, announces that it has been informed by Charles Miller,

Development Director, of his intention to resign from the Board to pursue other business interests.

Mr Miller is to leave NewRiver's employment on 31 March 2014 to form his own real estate development consultancy. Day to day operational management of NewRiver's development programme will be assumed by Francois Nairac, a qualified Structural Engineer, who was recently promoted to the Company's Executive Committee.

Mr Nairac is an experienced project manager of major commercial property ventures including

London's Lloyds Insurance building in the City and the Sofitel Hotel in St James. He is currently responsible for the management of all New River Retail's development pipeline.

It is NewRiver's intention to engage and retain Mr Miller on a consultancy basis to aid continuity and to identify new asset management and development opportunities.

David Lockhart, Chief Executive of NewRiver, said:

"Charles has made a positive contribution to the Company in the two years since he joined us. We are pleased to be able to retain his services as a consultant and look forward to working with him in his new venture. The thanks and best wishes of the Board have been extended to Charles and we wish him well for the future."

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For further information

NewRiver Retail Limited  David Lockhart, Chief Executive Mark Davies, Finance Director	Tel: [phone]
Pelham Bell Pottinger David Rydell/Guy Scarborough/Charlotte Offredi	Tel: [phone]
Liberum Shane Le Prevost/Tim Graham/Simon Atkinson	Tel: [phone]

About NewRiver

NewRiver Retail is a specialist Aim-listed REIT focused solely on the UK food and value retail market and is fast-becoming the leading value-creating property investment platform in the sector.

The management team, with over 100 years combined experience in the UK commercial property market, actively engages with retailers, stakeholders and consumers. NewRiver Retail is the UK's third largest Shopping Centre owner/manager by number with total assets under management of £600 million principally comprising 25 UK wide shopping centres. The portfolio has in excess of 1,100 occupiers, a total of 4.6 million square feet, total annual footfall of over 112 million and an occupancy rate of 96 per cent.

The Company's activities include active and entrepreneurial asset management and risk controlled development, utilising both its own balance sheet and co-investment joint venture structures.

Founded in 2009, NewRiver has become the UK's leading retail-focused property investment business. The Company's shares were admitted to London's AIM in September of the same year.

For more information on NewRiver, please visit www.nrr.co.uk

 

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