Regional REIT Limited Interim Portfolio Valuation (6566E)
July 20 2016 - 2:00AM
UK Regulatory
TIDMRGL
RNS Number : 6566E
Regional REIT Limited
20 July 2016
20 July 2016
Regional REIT Limited
Interim Portfolio Valuation and Comment on Recent Events
Regional REIT Limited (LSE: RGL) ("Regional REIT", "the Group"
or "the Company") today announces that the gross asset valuation of
its property portfolio as at 30 June 2016 was GBP501.3m. This is an
increase of 1.8%, on a like-for-like basis, from the 31 December
2015 value of GBP403.7m, and 7.7% on the 30 June 2015 valuation.
During the first half of 2016 the Group completed property
acquisitions totalling GBP131.1m and disposals of GBP41.2m.
Stephen Inglis, Group Property Director and Chief Investment
Officer of London & Scottish Investments Limited, the Asset
Manager, commented: "The Group remains confident as to its business
outlook for 2016. Our capacity to continue to grow rental income,
which supports the dividend to Shareholders, reflects both the
experience of the management team and the value that can be
achieved by its active and intensive asset management approach and
in-house capacity. In addition, the Group's recent refinancing
exercises have reduced the cost of funding and extended loan
terms."
"Regional REIT has an extensive property portfolio focused on
offices and light industrial sites in the UK's regions outside of
the M25 motorway, a large tenant base with a diverse business mix
and with no exposure to speculative development. At the same time,
the supply of new property in the regions remains limited whilst a
broad spread of occupier demand continues despite the result of the
recent EU referendum."
- ENDS -
Cautionary Statement
This announcement 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 announcement
should not be relied upon by any other party or for any other
reason. Any forward looking statements made in this announcement
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
announcement. 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.
This announcement contains inside information concerning
Regional REIT Limited or its securities.
Enquiries:
Regional REIT Limited
Press enquiries through Headland
London & Scottish Investments Tel: +44 (0) 141 248 4155
Asset Manager to the Group
Stephen Inglis
Toscafund Asset Management Tel: +44 (0) 20 7845 6100
Investment Manager to the Group
James S Johnson, Investor Relations
Headland Tel: +44 (0)20 7367 5222
Financial PR
Francesca Tuckett
About Regional REIT
Regional REIT Limited (LSE: RGL) is a London Stock Exchange Main
Market listed specialist real estate investment trust focused on
office and industrial property interests in the principal regional
locations of the United Kingdom outside of the M25 motorway.
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
previously 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, was
spread across more than 120 regional properties, in excess of 710
units and over 530 tenants. As at 31 December 2015, the investment
portfolio had a value of GBP403.7m and a net initial yield of 7.6%.
The weighted average unexpired lease term was approximately six
years.
The Company's shares joined the Official List of the UK's
Financial Conduct Authority and were admitted to trading on the
London Stock Exchange on 6 November 2015. 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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