Regional REIT Limited Completion of the Acquisition/ Share Issue/ TVR (4475A)
March 24 2017 - 5:06AM
UK Regulatory
TIDMRGL
RNS Number : 4475A
Regional REIT Limited
24 March 2017
24 March 2017
Regional REIT Limited
Completion of the Acquisition of c. GBP129m of Property Assets
from The Conygar Investment Company PLC
Issue of New Share Capital and Total Voting Rights of Regional
REIT Limited
Regional REIT Limited (LSE: RGL) ("Regional REIT", "the Group"
or "the Company"), the UK regional office and industrial property
focused REIT, is pleased to announce that it has today completed
the acquisition of c. GBP129m UK regional office, industrial and
retail & retail distribution investment properties from The
Conygar Investment Company PLC ("Conygar") (the "Acquisition"),
originally announced on 23 February 2017. Regional REIT has
acquired the properties by way of the purchase of a number of
Special Purpose Vehicles ("SPVs") that own the individual
assets.
In settlement of the Acquisition, the Company has now issued
26,326,644 new ordinary shares (the "Consideration Shares") to
Conygar. Application has been made to the UK Listing Authority and
to the London Stock Exchange for admission of the Consideration
Shares (which will rank pari passu with the existing ordinary
shares in the Company) to the Official List of the UK Listing
Authority and to trading on the Main Market of the London Stock
Exchange ("Admission"). It is expected that Admission will occur on
28 March 2017.
In conformity with FCA Disclosure Guidance and Transparency
Rules, the Company notifies that following the issue of the
Consideration Shares, the Company's issued share capital now
consists of 300,543,908 ordinary shares of no par value each with
voting rights. The Company does not hold any shares in treasury.
Therefore the total number of voting rights in the Company is
300,543,908.
The above total voting rights figure may be used by shareholders
as the denominator for the calculations by which they will
determine whether they are required to notify their interest in
Regional REIT Limited under the FCA's Disclosure Guidance and
Transparency Rules.
Stephen Inglis, Group Property Director and Chief Investment
Officer of London & Scottish Investments Limited, commented: "I
am very pleased with the acquisition of this portfolio of high
quality properties. The assets provide the benefits of portfolio
scale and coverage across the UK's regions and for extensive active
asset management opportunities, whilst requiring only limited
ongoing investment. The acquisition is consistent with Regional
REIT's strategy for the opportunistic purchase of commercial
property investment assets, is complementary to the existing asset
base of the Group and aligns well with the expertise and experience
of the Asset Manager."
- ENDS -
This announcement contains inside information which is disclosed
in accordance with the Market Abuse Regulation that came into
effect on 3 July 2016.
Enquiries:
Regional REIT Limited
Press enquiries through Headland PR
Toscafund Asset Management LLP Tel: +44 (0) 20 7845 6100
Investment Manager to the Group
James S Johnson, Investor Relations, Regional REIT Limited
London & Scottish Investments Limited Tel: +44 (0) 141 248 4155
Asset Manager to the Group
Stephen Inglis
Headland PR Consultancy LLP 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 traded 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 2016, was
spread across 123 regional properties, 941 units and 717 tenants.
As at 31 December 2016, the investment portfolio had a value of
GBP502.4m and a net initial yield of 6.7%. The weighted average
unexpired lease term to first break was 3.6 years.
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.
This information is provided by RNS
The company news service from the London Stock Exchange
END
MSCLIFIAVVISFID
(END) Dow Jones Newswires
March 24, 2017 05:06 ET (09:06 GMT)
Regional Reit (LSE:RGL)
Historical Stock Chart
From Jun 2024 to Jul 2024
Regional Reit (LSE:RGL)
Historical Stock Chart
From Jul 2023 to Jul 2024