Regional REIT Limited Asset Disposals, Letting Update, Forthcoming Dates (3488U)
April 06 2016 - 4:30AM
UK Regulatory
TIDMRGL
RNS Number : 3488U
Regional REIT Limited
06 April 2016
6 April 2016
Regional REIT Limited
Asset Disposals, Letting Update and Forthcoming Announcement
Dates
Regional REIT Limited (LSE: RGL) ("Regional REIT" or the
"Group"), the recently listed regional commercial property company,
today announces the sale of two assets.
Blythswood House, 200 West Regent Street, Glasgow, has been sold
to Standard Life Investments for GBP17.4m, reflecting a net initial
yield of 5.0%. The property was acquired in 2014 and then the
previous lease was surrendered with a back-to-back letting-on a
25-year lease to Glasgow School of Art as a student residence. This
represents a profit to the Group on acquisition and construction
costs of over 60%, and is in line with the valuation at June
2015.
Unit A, Spectrum Business Park, Wrexham, a standalone industrial
unit let to Calypso Soft Drinks on a lease until October 2020. The
property has been sold for GBP4.1m, reflecting a net initial yield
of 8.5%, 22% higher than the valuation at June 2015.
In addition Regional REIT has completed a new 10-year agreement
with Regus for 30,000 sq.ft. of floor space at Tay House, 200 Bath
Street, Glasgow. Regus will take a Management Agreement for their
Spaces Concept which will be the first in the UK outside of London
and only the fifth worldwide. The Management Agreement will produce
a rent of c. GBP750,000 net per annum when fully occupied. The
quality of the building and location has proven attractive to Regus
for their Spaces Concept. This leaves available to let only c.
20,000 sq.ft. of the 157,000 sq.ft. Grade A office building.
Forthcoming Announcement Dates for 2016
Full Year 2015 Results Announcement 19 April 2016
Q1 2016 Dividend Announcement/AGM 27 May 2016
Statement/Trading Update
Q2 2016 Dividend Announcement 1 September
2016
Half Year 2016 Results Announcement 20 September
2016
Q3 2016 Dividend Announcement/Trading 17 November
Update 2016
Note: all future dates are provisional and subject to change and
are based on the Group's understanding of forthcoming regulatory
changes that are to be implemented. Future dividends are subject to
the Group's solvency.
- ENDS -
Enquiries:
Regional REIT Limited
Press enquiries through Headland
London & Scottish Investments Tel: +44 (0) 141 248 4155
Asset Manager to the Group
Stephen Inglis
Derek McDonald
Toscafund Asset Management Tel: +44 (0) 20 7845 6100
Investment Manager to the Group
James S Johnson
Nigel Gliksten
Headland Tel: +44 (0)20 7367 5222
Financial PR
Francesca Tuckett
About Regional REIT (Unaudited)
Regional REIT Limited (LSE: RGL) is a London Stock Exchange Main
Market listed specialist real estate investment company focused on
office and industrial property interests in the principal regional
locations of the United Kingdom outside of the Greater London
area.
Regional REIT is managed by London & Scottish Investments,
the Asset Manager, and Toscafund Asset Management, the Investment
Manager, and was formed by the combination of two existing funds
created by the Managers as a differentiated play on the expected
recovery in UK regional property, to deliver an attractive total
return to shareholders and with a strong focus on income.
The Group's investment portfolio, as at 31 December 2015, is
spread across more than 130 regional properties consisting of
around 720 individual units, with over 500 tenants. As at 31
December 2015, the investment portfolio had a value of GBP403.7m
and an overall income yield of 8.3%. The weighted average unexpired
lease term is just under six years.
The Group's shares joined the Official List of the Financial
Conduct Authority ("FCA") and admitted to trading on the London
Stock Exchange ("LSE") on 6 November 2015 as LSE: RGL. For more
information, please visit the Group's website at
www.regionalreit.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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