Regional REIT Limited Lettings Update - Further Successful Progress
November 08 2019 - 2:00AM
RNS Non-Regulatory
TIDMRGL
Regional REIT Limited
08 November 2019
8 November 2019
REGIONAL REIT Limited
("Regional REIT", the "Group" or the "Company")
Lettings Update - Further Successful Progress
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, is pleased to announce further successful lettings
some 19% ahead of expected rental value, amounting to GBP644,537
per annum:
Juniper Park, Basildon: Unit 1 of the 16-unit site has
successfully been let to DG International Group Limited for a
five-year period. The 30,100 sq. ft. industrial unit has been let
for a rental of GBP240,800 per annum representing a notable uplift
of 30% from the previous tenancy. The unit was re-let within 11
weeks of the previous lease coming to an end.
Witham Park House, Lincoln: Anglian Water Limited has increased
its footprint within the 102,000 sq. ft. multi occupied office
complex signing a lease of Units 4 & 7 until January 2032. The
combined suites extend to c. 17,000 sq. ft. with an annual headline
rent of GBP220,000 per annum.
2800 The Crescent, Birmingham: The first floor has been
successfully leased for 10 years at a rent of GBP150,876 per annum
(GBP22/sq. ft.) subject to a break option on the fifth anniversary.
Only 8,369 sq. ft. remains available of the comprehensively
refurbished 28,583 sq. ft. building.
Silver Court, Watchmead, Welwyn Garden City: Continuing the
recent letting success at this 30,000 sq. ft. business park, a
national charity organisation has renewed its lease of Unit 6
(1,933 sq. ft.) for a further three years at a headline rent of
GBP32,861 per annum.
Stephen Inglis, CEO of London & Scottish Property Investment
Management, the Asset Manager, commented:
"The continuing strength of successful letting activity across
our national portfolio is a testament to the value added by our
bespoke asset management strategies. Following several continuing
initiatives, we are pleased to announce further rental uplifts this
morning, 19% ahead of our expected rental value.
The diversity of income continues to grow as we expand our asset
base and further enhance the quality and quantity of our rental and
expand our tenant base. We would like to welcome the new tenants
who are joining us and thank existing tenants who have chosen to
renew with Regional REIT."
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 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 ("LSPIM"), the Asset Manager, and Toscafund Asset
Management LLP ("Toscafund"), 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.
LEI: 549300D8G4NKLRIKBX73
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END
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