TIDMRGL
Regional REIT Limited
09 June 2023
9 June 2023
REGIONAL REIT Limited
("Regional REIT" or the "Company")
Update on Office Occupancy
Tenants are now at an average of 4.2 days a week in the
office
99% of tenants have returned to the office
Regional REIT, the regional office specialist, is pleased to
provide an update on the return to the office, based on a survey of
the occupiers across 106 of the buildings in the Company's office
portfolio.
The survey's results are based on an 82.2% response rate from
the Company's office tenants across a wide geographic spectrum of
the main regional centres of the UK and in aggregate account for
over 24,000 employees. The key survey findings were:
-- Employees have returned to the office for an average of 4.2 days per week
o The survey highlighted that of the employees who confirmed
they are back in the office, now attend for an average of 4.2 days
per week.
-- 99% of companies confirm their return to the office
o Having previously reported that 99% of companies were back in
some form last November, the Company is pleased to report that this
position remains unchanged according to the new survey, with 99% of
tenants back in the Company's buildings.
-- 65% occupancy vs 70% pre-pandemic
o Pre-pandemic actual occupation is estimated at 70%(1) , for
example if a company had 100 desks then on average during business
hours 70 desks would be occupied, with the balance unoccupied due
to absences from holidays, illness, or out of the office on
business. The Regional REIT study of the portfolio shows that
current occupancy is 65%, which is 93% of the pre-pandemic
occupancy levels and is expected to grow further.
1 Savills, European Office Occupancy March 2023
Stephen Inglis, CEO of London & Scottish Property Investment
Management, the Asset Manager to Regional REIT commented:
"This latest survey demonstrates clearly that 'the office' is an
integral part of business life, particularly in the regional
markets of the UK. 93% of employees have returned to the office
when compared with pre-pandemic times, and have returned on average
4.2 days per week. This is a clear indication of how far the
situation has improved in a short space of time. Further, we
continue to witness a steadily improving environment with more
people back in the office.
"I continue to hold the view that it will be the end of 2023
before we really see new trends becoming established but as I look
at the data, indications clearly point to an average of more than
four days in the office and less than one from home, which is very
encouraging for the regional office market."
- 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, 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
of offices located in the regional centres outside of the M25
motorway. The portfolio is geographically diversified, with 154
properties, 1,080 occupiers as at 31 March 2023, with a valuation
of c.GBP792.4m.
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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