Source - RNS
RNS Number : 7133S
Regional REIT Limited
08 November 2019
 

 

8 November 2019

REGIONAL REIT Limited

("Regional REIT", the "Group" or the "Company")

 

Lettings Update - Further Successful Progress

 

Regional REIT (LSE: RGL), the regional real estate investment specialist focused on building a diverse portfolio of income producing regional UK core and core plus office and industrial property assets, is pleased to announce further successful lettings some 19% ahead of expected rental value, amounting to £644,537 per annum:

Juniper Park, Basildon: Unit 1 of the 16-unit site has successfully been let to DG International Group Limited for a five-year period. The 30,100 sq. ft. industrial unit has been let for a rental of £240,800 per annum representing a notable uplift of 30% from the previous tenancy. The unit was re-let within 11 weeks of the previous lease coming to an end. 

Witham Park House, Lincoln: Anglian Water Limited has increased its footprint within the 102,000 sq. ft. multi occupied office complex signing a lease of Units 4 & 7 until January 2032. The combined suites extend to c. 17,000 sq. ft. with an annual headline rent of £220,000 per annum.

2800 The Crescent, Birmingham: The first floor has been successfully leased for 10 years at a rent of £150,876 per annum (£22/sq. ft.) subject to a break option on the fifth anniversary. Only 8,369 sq. ft. remains available of the comprehensively refurbished 28,583 sq. ft. building.

Silver Court, Watchmead, Welwyn Garden City: Continuing the recent letting success at this 30,000 sq. ft. business park, a national charity organisation has renewed its lease of Unit 6 (1,933 sq. ft.) for a further three years at a headline rent of £32,861 per annum.

Stephen Inglis, CEO of London & Scottish Property Investment Management, the Asset Manager, commented:

"The continuing strength of successful letting activity across our national portfolio is a testament to the value added by our bespoke asset management strategies. Following several continuing initiatives, we are pleased to announce further rental uplifts this morning, 19% ahead of our expected rental value.

The diversity of income continues to grow as we expand our asset base and further enhance the quality and quantity of our rental and expand our tenant base. We would like to welcome the new tenants who are joining us and thank existing tenants who have chosen to renew with Regional REIT."

ENDS -

 

Enquiries:

 

Regional REIT Limited


Press enquiries through Buchanan



Toscafund Asset Management

Tel: +44 (0) 20 7845 6100

Investment Manager to the Group


Adam Dickinson, Investor Relations, Regional REIT Limited




London & Scottish Property Investment Management 

Tel: +44 (0) 141 248 4155

Asset Manager to the Group


Stephen Inglis




Buchanan Communications

Tel: +44 (0) 20 7466 5000

Financial PR


Charles Ryland, Victoria Hayns, Henry Wilson


 

About Regional REIT

Regional REIT Limited ("Regional REIT" or the "Company") and its subsidiaries (the "Group") is a United Kingdom ("UK") based real estate investment trust that launched in November 2015. It is managed by London & Scottish Property Investment Management Limited ("LSPIM"), the Asset Manager, and Toscafund Asset Management LLP ("Toscafund"), the Investment Manager.

Regional REIT's commercial property portfolio is comprised wholly of income producing UK assets and comprises, predominantly, offices and industrial units located in the regional centres outside of the M25 motorway. The portfolio is highly diversified, with 149 properties, 1,178 units and 828 tenants as at 30 June 2019, with a valuation of £721.7m.

Regional REIT pursues its investment objective by investing in, actively managing and disposing of regional core and core plus property assets. It aims to deliver an attractive total return to its Shareholders, targeting greater than 10% per annum, with a strong focus on income supported by additional capital growth prospects.

The Company's shares were admitted to the Official List of the UK's Financial Conduct Authority and to trading on the London Stock Exchange on 6 November 2015. For more information, please visit the Group's website at www.regionalreit.com.

Cautionary Statement

This document has been prepared solely to provide additional information to Shareholders to assess the Group's performance in relation to its operations and growth potential. The document should not be relied upon by any other party or for any other reason. Any forward-looking statements made in this document are done so by the Directors in good faith based on the information available to them up to the time of their approval of this document. However, such statements should be treated with caution due to the inherent uncertainties, including both economic and business risk factors, underlying any such forward-looking information.

LEI: 549300D8G4NKLRIKBX73 

 


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