Regional REIT Limited Sale agreed for The Point, Glasgow (9211R)
June 20 2018 - 2:00AM
UK Regulatory
TIDMRGL
RNS Number : 9211R
Regional REIT Limited
20 June 2018
20 June 2018
REGIONAL REIT Limited
("Regional REIT", "the Group" or "the Company")
Sale agreed for The Point, Hamilton Hill, Glasgow
Regional REIT, the UK regional office and industrial property
focused real estate investment trust, today announces it has
exchanged contracts to sell The Point Trade & Retail Park,
Hamilton Hill, Glasgow for GBP14.1m. This reflects a net initial
yield of 6.6%.
The 158,546 sq ft property was acquired in 2013 and comprises 11
individual units let on 10 separate leases. Over the five-year
ownership of the property, several asset management initiatives
have been instigated such as subdivision of some of the larger
units to create smaller units. In addition, a series of renovations
have resulted in increased rental income, which now totals
GBP995,315 pa. The sale price represents an uplift of 5.6% against
the 31 December 2017 valuation.
Completion is expected to take place in early July 2018.
Stephen Inglis, Chief Executive Officer of London & Scottish
Investments Limited, the Asset Manager commented: "This sale is
another example of how Regional REIT looks to take advantage of
opportunities to recycle capital on properties which have met their
individual asset plans. Over the last five years, we have applied
our strategy of active asset management at The Point, creating a
fully let and stabilised property with robust rental streams. This
has resulted in us achieving strong pricing from an institutional
purchaser, and given us an excellent opportunity to realise
returns."
Enquiries:
Regional REIT Limited
Press enquiries through Headland
Toscafund Asset Management Tel: +44 (0) 20 7845 6100
Investment Manager to the Group
Adam Dickinson, Investor Relations, Regional REIT Limited
London & Scottish Investments Tel: +44 (0) 141 248 4155
Asset Manager to the Group
Stephen Inglis
Headland Tel: +44 (0) 20 3805 4822
Financial PR
Francesca Tuckett/ Bryony Sym / Jack Gault
About Regional REIT
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 2017, was
spread across 164 regional properties, 1,368 units and 1,026
tenants. As at 31 December 2017, the investment portfolio had a
value of GBP737.3m and a net initial yield of 6.5%. 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
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)
www.regionalreit.com
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
DISUKUBRWBANAAR
(END) Dow Jones Newswires
June 20, 2018 02:00 ET (06:00 GMT)
Regional Reit (LSE:RGL)
Historical Stock Chart
From May 2024 to Jun 2024
Regional Reit (LSE:RGL)
Historical Stock Chart
From Jun 2023 to Jun 2024