TIDMRGL
RNS Number : 8315M
Regional REIT Limited
26 January 2021
26 January 2021
REGIONAL REIT Limited
("Regional REIT", the "Group" or the "Company")
Positive Rent Collection and Lettings Update
Regional REIT (LSE: RGL), the regional office specialist focused
on building a portfolio of income producing regional UK core and
core plus office property assets, is pleased to announce that as at
22 January 2021, the Company had continued to achieve strong rental
collection with 95.5% of rent due for 2020 having been already
collected. This is in-line with the 96.9% of rent collected for the
equivalent period in 2019. The Company continues to be pleased with
this level of collection.
Rent Collection
As at 22 January 2021, the rent collections continued to
strengthen, with Q1 collections increasing to 99.2%, Q2 to 97.4%,
Q3 to 97.2%. Currently, Q4 rent collection, adjusting for monthly
rent and agreed collection plans, stands at 88.7%, which is in line
with the equivalent date in 2019 when 88.8% had been collected.
% Q1 2020 Q2 2020 Q3 2020 Q4 2020 YTD
Rent paid 98.1 95.0 96.3 81.0 92.4
Adjusted for monthly
rents 0.2 0.2 0.3 4.7 1.4
Agreed collections
plans 0.9 2.2 0.6 3.0 1.7
-------- -------- -------- -------- -----
99.2 97.4 97.2 88.7 95.5
Quarterly rental collection refers to all invoices issued during
the calendar quarters:
Q1: 1 January 2020 to 31 March 2020
Q2: 1 April 2020 to 30 June 2020
Q3: 1 July 2020 to 30 September 2020
Q4: 1 October to 31 December 2020
The Company remains in supportive and ongoing discussions with
tenants regarding the remainder of the outstanding rent, and
expects to collect the vast majority of it in due course.
Active asset management activity highlights:
The group continues to focus on its successful active asset
management strategy securing some GBP1.0m lettings to date with the
highlights below:
Commercial Road, Bromborough - An agreement to a new lease
(117,523 sq.ft.) with Albea Creative UK Ltd. will crystallise on
completion of works. The works are currently underway and are
expected to complete in Q2 2021. The new ten year lease, with a
five year break option, has been agreed for a rent of GBP543,720 pa
(GBP4.63/sq.ft.).
Oakland House, Talbot Road, Old Trafford, Manchester - AM London
Ltd. has taken two new leases (16,390 sq.ft.) for ten years with a
five year break option; Please Hold (UK) Ltd. has taken a new lease
(10,926 sq. ft.) for four years with no break option. In aggregate
the rent amounts to GBP281,529 pa (GBP10.31/sq.ft.).
Finneston Business Park - Three new leases (4,919 sq.ft.) have
been agreed with : Scottish News and Sport Ltd. for five years with
a four year break option; Advantage Accounting Ltd. for ten years
with five year break option; and Appleton Computer Ltd. for five
years with an option to break in three years. The aggregate rent
amounts to GBP84,171 (GBP17.11/sq.ft.).
Southview Southstar, Altens Industrial Estate, Aberdeen - A new
five year (9,653 sq.ft) lease has been agreed with NXG Drilling
Services Ltd. for a rent of GBP65,000 pa (GBP6.73/sq.ft.).
Arena Point, Merrion Way, Leeds - A new five year ( 4,067 sq.
ft.) lease has been agreed with ABC Exams Ltd. with a break option
in 2023 at a rental income of GBP61,050 (GBP15.01/sq. ft.).
Stephen Inglis, Chief Executive Officer of London & Scottish
Property Investment Management Limited, the Asset Manager
commented:
"We are pleased to provide shareholders with a further positive
rent collection update today with total rents received across 2020
amounting to 95.5% of rents invoiced, and we anticipate collecting
the vast majority of the outstanding balance in due course. We
believe this achievement to be exceptional in our sector in light
of the ongoing Covid-19 pandemic and it strongly illustrates the
close relationships that we hold with our valued tenants. Our Q4
rent collections of 88.7% are just 0.1% behind the same figure for
the equivalent date last year. Meanwhile the strength of our
proactive asset management platform continues to drive further
value for shareholders, whilst also directly responding to the
changing needs of our clients."
- 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 /Henry Wilson / George Beale
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, 857 tenants as at 30 September 2020, with a
valuation of GBP739.9m.
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
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END
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