TIDMRGL
Regional REIT Limited
20 February 2019
20 February 2019
REGIONAL REIT Limited
("Regional REIT", "the Group" or "the Company")
More positive lettings for Regional REIT
London & Scottish Investments Limited ("LSI"), Asset Manager
to Regional REIT, the UK regional office and industrial property
focused real estate investment trust, is delighted to announce
further new letting agreements for the Company on top of the flurry
of lettings, previously announced at the end of 2018 and earlier
this year:
2800, The Crescent, Birmingham Business Park: The Group has
secured the second largest letting at Birmingham Business Park in
2018. The terms of the lease, agreed in December, see an
undisclosed tenant take 13,356 sq. ft. of office space at The
Crescent, Birmingham Business Park, for a 10 year period at a rent
of GBP293,832 per annum. This follows the recent full refurbishment
of the building which was managed by LSI.
1(st) Floor East Wing, Tay House, Glasgow: The Group has agreed
a lease with the University of Glasgow which is set to run until
9(th) September 2029 (tenant break clause at 10(th) September 2024)
for the First Floor East Wing of the Property occupying 9,971 sq.
ft.. The University have also extended their existing 20,094 sq.
ft. lease on the sixth floor of Tay House securing their continued
occupation of the building and aligning with the new lease dates of
the first floor.
3(rd) Floor, Doges, Templeton On The Green, Glasgow: A new lease
has been agreed with Fore Digital Ltd. for a 10 year lease (with a
tenant break after 5 years) at a rent of GBP66,700 per annum.
Bennett House, Hanley, Stoke-On-Trent: Another letting has been
secured by the Group with Secretary of State for the Housing
Communities and Local Government signing a 10 year lease for the
32,512 sq. ft. office space. The agreed rent is GBP292,626 per
annum.
Delta 1200, Delta Business Park, Swindon: Cherwell Software Ltd.
has agreed to a new lease for 4,857 sq. ft. office space at
GBP82,569 per annum for 3 years, which represents a 30% uplift on
rent for the Company and maintains full occupancy of the
building.
Miller Court, Tewkesbury Business Park: Unit 17 and 19 have been
successfully leased to XQ Digital Resilience Ltd. and TRL
Technology Ltd. for 10 and 3 year leases respectively. Under the
terms of the contract, TRL Technology Ltd. will pay GBP161,120 per
annum for the 10,070 sq. ft. unit and XQ Digital Resilience Ltd.
have committed to GBP85,400 per annum for unit 17 which totals
6,100 sq. ft.
Stephen Inglis, Chief Executive Officer of London & Scottish
Investments, commented:
"This is fabulous news and comes close on the heels of the raft
of significant lettings we announced at the end of 2018 and earlier
this year. Our buildings are seeing strong letting interest and is
a demonstration of our pro-active and customer focussed approach in
refreshing and refurbishing our Core and Core plus buildings and
our close relationship with our tenants allowing us to extend and
amend leases.
Earlier this week we announced an uplift in our valuations for
year ended 31 Dec 2018 and substantial profits generated from sales
of assets - we continue to deliver for our shareholders".
- ENDS -
Enquiries:
Regional REIT Limited
Press enquiries through Buchanan
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
Buchanan Communications Tel: +44 (0) 20 7466
5000
Financial PR
Charles Ryland / Victoria Hayns / Henry
Wilson
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 30 June 2018, was spread
across 151 regional properties, 1,294 units and 950 tenants. As at
30 June 2018, the investment portfolio had a value of GBP758.7m and
a net initial yield of 6.4%. 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)
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
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