NewRiver Retail, the UK REIT which owns 360 pubs, would consider directly managing its own pubs, after appointing former Punch director, M&C has learnt.
Property director Allan Lockhart told M&C the company remained acquisitive and said he had already looked at several deals but walked away because the price had not been right.
Lockhart said Jackie Moody-McNamara’s role as pub portfolio director would involve developing relationships with tenants, liaising with Marston’s and Lt Pub Management, which manage the portfolio of pubs, and helping the group select targets for further expansion.
He said Moody-McNamara would also be involved in the investment programme, with the 158 pubs bought from Punch likely to see investment in the first quarter of 2016.
Lockhart said: “We see ourselves as long-term investors in the pub sector and it was very important to us to have someone on board who had real operational experience.”
On the possibilities of managing, he said: “At the moment we have excellent relationships with Marston’s and LT Pub Management, who are managing our estate.
“Going forward, if we felt that we could provide a better service to our pub tenants and it was going to be more cost effective directly managing them then we would look at that. But I think that’s a consideration for further down the line.
“In 2016 we will be looking at further opportunities for growth as well as developing the existing estate. That’s our priority.”
