Retail and pub landlord NewRiver Retail said a recent acquisition spree helped assets under management to top £1bn in the second quarter, paving the way for a move from Aim to the main market next year.
NewRiver, which owns shopping centres including Regents Court in Leamington Spa and The Martlets in Burgess Hill, said assets under management jumped by 17 per cent in the three months to the end of June after it made £222.3m of acquisitions.
The group, which raised £150m from shareholders this summer, made its second big splurge in the pubs sector after snapping up 158 sites from Punch Taverns for £53.5m.
The deal follows its acquisition of 202 pubs from Marston’s in 2013. The company is building new shops for Co-op Food on land next to the pubs, and said the first store will be completed in December. It has submitted 48 planning applications and received 22 approvals so far.
NewRiver was founded by industry veteran David Lockhart in 2009 with the aim of spotting opportunities in recovering markets where it sees improving returns.
Following its rapid growth, the UK Reit (real estate investment trust) has applied to move to the London Stock Exchange’s main market and expects to be admitted next year.