Regional REIT Limited £52.4m refinancing agreed (2906X)
November 23 2017 - 2:00AM
UK Regulatory
TIDMRGL
RNS Number : 2906X
Regional REIT Limited
23 November 2017
REGIONAL REIT
("Regional REIT", "the Group" or "the Company")
GBP52.4m refinancing agreed with Santander UK
Regional REIT Limited (LSE: RGL) is pleased to announce today
that it has agreed a new GBP52.4 million secured facility ("The New
Facility") with Santander UK.
The New Facility has a 5-year term maturing in November 2022,
and replaces, at a competitive rate, the current three-year debt
facility with Santander UK of GBP47.8 million, which was due to
mature in December 2018.
As mentioned in the trading update earlier this month, The New
Facility, when coupled with the credit approved 10-year secured
facility which is in late stage discussions, the weighted average
debt maturity will increase to 6.3 years from 2.0 years. The Group
cost of borrowing, including hedging fees, and LTV, will remain at
c. 3.7% and c. 48% respectively.
Stephen Inglis, Chief Executive Officer of London & Scottish
Investments, the Asset Manager of Regional REIT, commented: "It is
a testament to the growing interest in the regional office and
industrial sector, and to our business model, that we have been
able to refinance on such competitive terms. We are delighted to
have the opportunity to continue to work with Santander UK and look
forward to strengthening our close working relationship over the
coming years.
"The last six months have been busy, both in terms of portfolio
activity and corporate developments. This refinancing, together
with the recent appointment of Simon Marriott, demonstrates the
steps we are taking to position Regional REIT for its next stage of
growth."
- ENDS -
Enquiries:
Headland
Francesca Tuckett / Bryony Sym / Jack Gault / - 0203 805
4822
About Regional REIT
Regional REIT Limited (LSE: RGL) ("Regional REIT", the "Group"
or the "Company") 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 30 June 2017, was spread
across 150 regional properties, 1,093 units and 823 tenants. As at
30 June 2017, the investment portfolio had a value of GBP640.4m and
a net initial yield of 6.7%. The weighted average unexpired lease
term to first break was 3.5 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.
London & Scottish Property is a wholly-owned subsidiary of
London & Scottish Investments Limited, the Asset Manager to
Regional REIT Limited, providing property and asset management
services.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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