Regional REIT Limited Significant GBP32.7m disposal (8847A)
October 02 2020 - 2:00AM
UK Regulatory
TIDMRGL
RNS Number : 8847A
Regional REIT Limited
02 October 2020
2 October 2020
REGIONAL REIT Limited
("Regional REIT", the "Group" or the "Company")
Significant GBP32.7m disposal - 59.4% above acquisition
price
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 it has exchanged and completed on
the sale of Juniper Park, Basildon for GBP32.7m. This disposal
reflects an uplift of 59.4% from the acquisition price, including
subsequent capital expenditure, and 3.9% above the 30 June 2020
valuation.
The 277,760 sq. ft. multi-let industrial, warehouse, and office
park was purchased in March 2016 for GBP20.1m. Having completed a
clear plan of value creation at the site of asset management
initiatives, which included new lettings, lease extensions and
lease renewals - all with high quality tenants, a significant
increase in capital value has been realised.
Stephen Inglis, Chief Executive Officer of London & Scottish
Property Investment Management Limited, the Asset Manager
commented:
"This disposal is a further example of our experienced asset
manager executing Regional REIT's strategy of disposing of a
property once its individual business plan has been achieved. The
disposal delivered a significant uplift of 59.4% in value, the
result of clearly improving the quality of the asset's income
streams leading to a substantial uplift in capital value."
Enquiries:
Regional REIT Limited
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 Tel: +44 (0) 141 248
Management 4155
Asset Manager to the Group
Stephen Inglis
Buchanan Communications Tel: +44 (0) 20 7466
5000
Financial PR regional@buchanan.uk.com
Charles Ryland / Henry Wilson / George
Beale
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, the Asset Manager, and Toscafund Asset Management LLP, 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 151 properties as at 30 June 2020, with a valuation of
GBP742.3m.
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.
ESMA Legal Entity Identifier ("LEI"): 549300D8G4NKLRIKBX73
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END
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