Regional REIT Limited Lettings Achieved - Above Expected Rental Value
November 25 2019 - 2:01AM
RNS Non-Regulatory
TIDMRGL
Regional REIT Limited
25 November 2019
25 November 2019
REGIONAL REIT Limited
("Regional REIT", the "Group" or the "Company")
Lettings Achieved - Above Expected Rental Value
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 further successful lettings some
5.5% ahead of expected rental value, amounting to GBP486,691 per
annum:
Century Way, 3200 Thorpe Park, Leeds: Following the successful
refurbishment of this 31,805 sq. ft. office by London &
Scottish Property, on behalf of Regional REIT, which is located on
this prestigious office park, the final remaining space of 10,550
sq. ft. on the ground floor has been let to Marlow Foods Limited
trading as Quorn Foods. The lease is for a 10 year term with break
at the fifth anniversary at a headline rent of GBP211,600 pa (GBP20
per sq. ft.) following earlier lettings to Sodexo and Countryside
Properties.
9 Portland Street, Manchester: Two leases have been renewed with
existing occupiers, Simard Limited (5th floor 5,725 sq. ft.) and
Taste Marketing Limited (6th floor 4,377 sq. ft.). Both are for 10
years subject to a break option on the fifth anniversary at a
revised combined rental of GBP207,091 pa.
Templeton Business Centre, Glasgow: The fourth floor of the
Doges property, comprising a 5,746 sq. ft. office has been let to
Cornerstone Community Care for five years at a headline rate of
GBP68,000 pa. The Regional REIT property at Templeton is now almost
fully let with just the 7,204 sq. ft. remaining to fill.
Stephen Inglis, CEO of London & Scottish Property Investment
Management, the Asset Manager, commented:
"These lettings represent further positive progress.
Demand continues to be strong for our assets and we are very
encouraged by the rental rates that we are able to achieve which
once again are significantly ahead of our expected rental values.
This further demonstrates that we are witnessing rental growth in
our portfolio across all of the major UK regions.
The acquisition pipeline remains very healthy and we will update
shareholders as we continue to invest the proceeds from the earlier
in the year equity raise and the recycling of capital from
sales.
The diversity of our income continues to grow as we expand our
asset base and further enhance the quality and quantity of our
income and expand our tenant base."
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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