TIDMRGL
RNS Number : 0303Z
Regional REIT Limited
15 May 2019
15 May 2019
REGIONAL REIT Limited
("Regional REIT", the "Group" or the "Company")
Further lettings successfully secured
Regional REIT (LSE: RGL), the regional real estate investment
specialist focused on building a diverse portfolio of income
producing regional UK core and core plus office and industrial
property assets, today announces new successful lettings, which
includes four new tenants:
Odeon, Kings Court, Dundee: A new 10 year tenancy extension
agreement has been secured by Regional REIT with the longstanding
tenant, Odeon, at a rent of GBP737,600 per annum which extends the
lease expiry to 2035. Under the agreement, Odeon will undertake a
full refurbishment to the new Odeon Luxe format for which Regional
REIT will make a significant capital contribution.
Juniper Park, Basildon: The largest industrial unit within
Juniper Park has been re-let for five years to longstanding tenant
Schenker Limited. Unit 3B, which totals 74,189 sq. ft. of
warehousing space has been secured for a headline rent of
GBP463,681 per annum. In addition, the office space, comprising the
Ground Floor of Mayne House and Juniper Place front and rear
totalling 12,851 sq. ft., has been secured for a headline rent of
GBP182,265 per annum.
Arena Point, Leeds: The Secretary of State for Housing,
Communities and Local Government has taken occupation over the
fourth and fifth floors amounting to 8,134 sq. ft. on a flexible
leasing basis.
Welcoming four new tenants:
Solihull Parkway, Birmingham Business Park: 1760 Solihull
Parkway has been leased in its entirety to Open Study College
Limited, totalling 4,464 sq. ft.. They have signed a 10 year lease
at a rent of GBP87,048 per annum. The letting immediately follows
the completion of the recent full refurbishment of the building
which was managed by the asset manager.
Bear Brook Office Park, Aylesbury: Product Compliance
Specialists Limited has agreed a 10 year lease over Suite B, Ground
Floor, Building 2, Bear Brook Office Park (5,118 sq. ft.) at a rent
of GBP87,006 per annum. Building 2, 61,385 sq. ft. was refurbished
in 2018 and the completion of this letting leaves only one suite
available within the building.
Doges, Templeton on the Green, Glasgow: Leading Scottish
charity, Cornerstone Community Care, has agreed a new 10 year lease
on the top floor of this iconic Glasgow landmark office building
looking across The Peoples Palace and Glasgow Green. The agreement
will see Regional REIT fit out the last remaining shell space for
Cornerstone who have agreed to pay a rent of GBP73,000 per
annum.
Trident Retail Park, Birmingham: S&T Audio, the UK's largest
award winning musical instrument retailer, has agreed a 15 year
lease over Unit 4, 8,000 sq. ft., at rent of GBP69,000 per
annum.
Stephen Inglis, Chief Executive Officer of London & Scottish
Property Investment Management(1) , commented:
"Securing further lettings to long-term tenants and welcoming
new tenants to our properties is testament to the quality of our
portfolio. Our flexible approach and active asset management
continues to ensure we attract and secure high quality established
businesses from a diverse range of industries."
(1) Following an internal restructure at London & Scottish
Investment Ltd., the Asset Manager Agreement has been assigned to
London & Scottish Property Investment Management Ltd..
- 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
London & Scottish Property Investment Management 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 ("Regional REIT" or the "Company") and its
subsidiaries (the "Group") is a United Kingdom ("UK") based real
estate investment trust that launched in November 2015. It is
managed by London & Scottish Property Investment Management
Limited, the Asset Manager, and Toscafund Asset Management LLP, the
Investment Manager.
Regional REIT's commercial property portfolio is comprised
wholly of income producing UK assets and comprises, predominantly,
offices and industrial units located in the regional centres
outside of the M25 motorway. The portfolio is highly diversified,
with 150 properties, 1,192 units and 874 tenants as at 31 December
2018, with a valuation of GBP718.4m.
Regional REIT pursues its investment objective by investing in,
actively managing and disposing of regional core and core plus
property assets. It aims to deliver an attractive total return to
its Shareholders, targeting greater than 10% per annum, with a
strong focus on income supported by additional capital growth
prospects.
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
MSCLLFSREFISLIA
(END) Dow Jones Newswires
May 15, 2019 02:00 ET (06:00 GMT)
Regional Reit (LSE:RGL)
Historical Stock Chart
From Aug 2024 to Sep 2024
Regional Reit (LSE:RGL)
Historical Stock Chart
From Sep 2023 to Sep 2024