TIDMRGL
Regional REIT Limited
09 October 2019
9 October 2019
REGIONAL REIT Limited
("Regional REIT" or the "Company")
Successful Regional Lettings
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 an update on a number of
successful regional lettings across its portfolio, in aggregate
some 10.9% ahead of expected rental value ("ERV"):
Juniper Park, Basildon: The lease of Unit 2 of the 16-unit site
has successfully been renewed to Vanguard Logistics Services
Limited for a five-year period with Vanguard having the option to
extend beyond this. A stepped rent has been agreed on the 61,079
sq. ft. unit, increasing to the headline rent of GBP370,000 per
annum representing an uplift of 15.4% to the previous annual rent
of GBP320,665, and 5.4% ahead of ERV.
Charles House, Northampton: Reed Specialist Recruitment have
renewed their three leases for a further two years to September
2021 subject to break options after 12 months at a combined rental
of GBP112,700 per annum across the 11,277 sq. ft. site, and 2.7%
ahead of ERV.
Enterprise House, Century Park, Altrincham: Enterprise Software
Systems Limited have renewed their lease over the entire building
of 6,500 sq. ft. for a further 10 years until September 2029,
subject to break option after 5 years at a headline rental of
GBP89,400 per annum, and 14.6% ahead of ERV.
Dysart Way, Leicester: The lease on this petrol filling
station/retail site has been renewed, following the expiry of the
24-year lease to Rontec Service Station 1A Limited, for a further
20 years on a stepped rental arrangement rising to a headline rent
of GBP147,025 per annum after 5 years, and 40.0% ahead of ERV.
Braidhurt House, Strathclyde Business Park, Bellshill: Wireless
Infrastructure Group Limited have leased the previously vacant
first floor space of 4,697 sq. ft. for 10 years, subject to a
tenant break option after 5 years at a headline rental of GBP58,713
per annum, and 4.1% ahead of ERV.
Silver Court, Watchmead, Welwyn Garden City: Unit 6, Floor
(4,048 sq. ft.), previously vacant, has recently been let to Coreix
Limited for 5 years at a headline rent of GBP70,840 per annum, and
9.3% ahead of ERV.
Stephen Inglis, CEO of London & Scottish Property Investment
Management, the Asset Manager, commented:
"We are pleased to announce a series of significant letting
events across our portfolio and we would like to thank tenants who
are renewing with us and to welcome our new tenants.
"The quality and diversity of our customer base continues to
grow across the regions, which coupled with our strong asset
management platform, remains a key differentiator for our
investment case and we are delighted to see it continue to grow. In
aggregate, at GBP848,678 in revenue, the lettings announced today
represent a 10.9% uplift from their current ERV, demonstrating the
on-going success of the asset manager's activities across our
national portfolio."
- ENDS -
Enquiries:
Regional REIT Limited
Toscafund Asset Management Tel: +44 (0) 20 7845
6100
Investment Manager to the Group
Adam Dickinson, Investor Relations, Regional
REIT Limited
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 regional@buchanan.uk.com
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 149 properties, 1,178 units and 828 tenants as at 30 June
2019, with a valuation of GBP721.7m.
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
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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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