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Regional REIT Limited
30 December 2019
30 December 2019
REGIONAL REIT Limited
("Regional REIT", the "Group" or the "Company")
Lettings Secured - Ahead of 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 3.0%
ahead of expected rental value ("ERV"). In total the rents amount
to GBP589,856 per annum:
Star House, Peregrine Business Park, High Wycombe: Following the
recent acquisition of this six building business park extending to
46,374 sq. ft., London & Scottish Property on behalf of
Regional REIT Limited has renewed the lease of Star House (9,581
sq. ft.) to Star Micronics Limited for 5 years at a headline rent
of GBP184,450 per annum (GBP19.25/sq. ft.) in line with ERV subject
to a tenant break option at the third anniversary.
Juniper Park, Basildon: An asset management initiative
undertaken by London & Scottish Property on behalf of Regional
REIT has seen Schenker Limited take a lease of the whole ground
floor offices (12,851 sq. ft.) at Juniper Place on a five year term
at a headline rent of GBP182,260 per annum (GBP14.18/sq. ft. and
4.9% above ERV). As part of the deal, Schenker will give up their
lease of their current second floor office early in the New Year
consolidating their occupancy on the ground floor.
Unit 1, Genesis Business Park, Woking: Gallagher Benefit
Services Management Company Limited has taken a 10 year lease of
Suite 1C (4,594 sq. ft.) subject to a break option after five years
at a headline rent of GBP105,662 per annum (GBP23.00/sq. ft.).
9 Portland Street, Manchester: Imperial Office Furniture Limited
has extended its lease on part of the second floor (2,518 sq. ft.)
until September 2025. Under the deal the rent payable from the
lease renewal in September 2020 will increase to GBP55,000 per
annum (GBP21.84/sq. ft.) with a 9 month equivalent rent free period
granted.
Copse Walk, Cardiff Gate Business Park, Cardiff: Unit B, Ground
Floor (2,221 sq. ft.) has been let to Harrison Clark Rickerbys at a
headline rent of GBP29,984 per annum (GBP13.50/sq. ft.) on a new
five year lease subject to a tenant break option on the third
anniversary. As a result, Regional REIT now has full occupation
following the recent acquisition in September at this location.
124-136 High Street, Falkirk: Specsavers has taken a new 10 year
lease at a headline rent of GBP32,500 per annum (GBP7.45/sq. ft.
and 22.6% above ERV) at this retail unit (4,362 sq. ft.) which sees
Regional REIT's four units now fully let at this location.
Stephen Inglis, CEO of London & Scottish Property Investment
Management, the Asset Manager, commented:
"Demand continues to be strong and we are very encouraged by the
rental rates that we are able to achieve, ahead of ERV. This
further demonstrates that we are witnessing rental growth in our
portfolio on a national scale. We also have no shortage of
properties to make further acquisitions and to actively manage,
improve and subsequently rent out at higher levels or seek an
attractive disposal rate."
"The diversity of income across the portfolio continues to grow
as we expand our asset base and further enhance the quality and
quantity of our rental income and expand our tenant base. We look
forward to updating shareholders further on our progress in due
course."
- 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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contact rns@lseg.com or visit www.rns.com.
END
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