Source - RNS
RNS Number : 4136U
Regional REIT Limited
25 November 2019
 

 

25 November 2019

REGIONAL REIT Limited

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

 

Lettings Achieved - Above Expected Rental Value

 

 

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, today announces further successful lettings some 5.5% ahead of expected rental value, amounting to £486,691 per annum:

Century Way, 3200 Thorpe Park, Leeds: Following the successful refurbishment of this 31,805 sq. ft. office by London & Scottish Property, on behalf of Regional REIT, which is located on this prestigious office park, the final remaining space of 10,550 sq. ft. on the ground floor has been let to Marlow Foods Limited trading as Quorn Foods. The lease is for a 10 year term with break at the fifth anniversary at a headline rent of £211,600 pa (£20 per sq. ft.) following earlier lettings to Sodexo and Countryside Properties.

9 Portland Street, Manchester: Two leases have been renewed with existing occupiers, Simard Limited (5th floor 5,725 sq. ft.) and Taste Marketing Limited (6th floor 4,377 sq. ft.). Both are for 10 years subject to a break option on the fifth anniversary at a revised combined rental of £207,091 pa.

Templeton Business Centre, Glasgow: The fourth floor of the Doges property, comprising a 5,746 sq. ft. office has been let to Cornerstone Community Care for five years at a headline rate of £68,000 pa. The Regional REIT property at Templeton is now almost fully let with just the 7,204 sq. ft. remaining to fill.

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

"These lettings represent further positive progress.

Demand continues to be strong for our assets and we are very encouraged by the rental rates that we are able to achieve which once again are significantly ahead of our expected rental values. This further demonstrates that we are witnessing rental growth in our portfolio across all of the major UK regions.

The acquisition pipeline remains very healthy and we will update shareholders as we continue to invest the proceeds from the earlier in the year equity raise and the recycling of capital from sales.

The diversity of our income continues to grow as we expand our asset base and further enhance the quality and quantity of our income and expand our tenant base."

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 

 


This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.
 
END
 
 
NRALLFLSLTLFFIA
Find out how to deal online from £1.50 in a SIPP, ISA or Dealing account.