Regional REIT Limited Attractive Acquisition for GBP10.2m yielding 10.1% (0259B)
October 05 2020 - 2:00AM
UK Regulatory
TIDMRGL
RNS Number : 0259B
Regional REIT Limited
05 October 2020
5 October 2020
REGIONAL REIT Limited
("Regional REIT", the "Group" or the "Company")
Attractive Acquisition of Two Offices for GBP10.2m yielding
10.1%
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 completed the attractive
acquisition of two office properties in Swansea and Bristol for a
total consideration of GBP10.2m, with a combined net initial yield
of 10.1% and a weighted average unexpired lease term ("WAULT") to
first break of 4.2years.
Waterside Business Park, Swansea
The two-floor office asset comprises 68,535 sq. ft. and is set
over a 4.1 acre site with ample parking. Being situated less than
three miles from Swansea City Centre and train station it also
benefits from excellent road and rail links. It is let to The
Secretary of State for Communities & Local Government and a
large legal practice with offices across Wales.
The current contracted rent of GBP690,000 per annum reflects a
net initial yield of 11.7% and a WAULT of 4.5years.
2410 Aztec West, Bristol
The two-floor office asset (22,349 sq.ft.) is fully let to
Liverpool Victoria Friendly Society Ltd., and is set in 1.4 acres
with 114 car parking spaces. This site also benefits from both
excellent road and rail links, given its location next to the M5
motorway and less than three miles from Bristol Parkway train
station.
The current contracted rent of GBP406,000 per annum reflects a
net initial yield of 8.2% and a WAULT of 3.6years.
Stephen Inglis, Chief Executive Officer of London & Scottish
Property Investment Management Limited, the Asset Manager
commented:
"These two acquisitions from a major UK institutional investor,
further diversify our portfolio, deliver attractive yields, and
increase our presence in the South West and Wales, these being
locations where we see potential for continued strong economic
growth and demand. Additionally, both assets present further asset
management opportunities in line with our core expertise, to
improve income and create accretive capital value for our
shareholders."
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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