Property investor NewRiver REIT has revealed plans to raise £200 million to boost it's presence in the provincial retail market.

As the UK's third largest shopping centre owner, the Group currently has approximately 1.9 million square feet of property in the development pipeline, with potential capital expenditure over over £42m planned across the financial year.

The funding will be raised through an accelerated book build and open offer, making it one of the largest fundraisings in the property sector so far this year.

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David Lockhart, Chief Executive of NewRiver REIT, said: "NewRiver has a proven track record of delivering growing and sustainable cash returns to shareholders through its focused strategy of acquiring and managing convenience-led and community-focused retail and leisure assets combined with risk-controlled development and value enhancing active asset management.

"The proceeds of the proposed Capital Raising will be deployed into accretive acquisitions, including the purchase of the remaining units in the BRAVO JV, and our exciting programme of risk-controlled developments.

"NewRiver is very familiar with the BRAVO assets having been responsible for their day to day management since the joint venture was established in 2013. Given the investment made into the BRAVO assets to date, we are confident that this acquisition will produce attractive long term returns for our shareholders."

(LM/MH)