8 August 2024
REGIONAL
REIT Limited
("Regional REIT", the "Group" or the "Company")
Repayment in full of Retail
Bond
Regional REIT Limited (LSE: RGL),
the regional property specialist, announces that it has repaid in
full the 4.50% £50 million retail bond (ISIN XS1849479602), which
matured on 6 August 2024.
Following the repayment of the bond,
the Company's reduced borrowings amount to £353.3 million, with a
weighted average cost of capital of 3.4%.
As announced on 18 July 2024 and
further to the successful £110.5 million capital raise, an
additional £26 million from the net capital raising proceeds will
be used to reduce bank facilities further, which will result in the
Company having greater headroom under the Group's covenants in such
facilities and the LTV decreasing to 41% from 57% prior to the fund
raising, in line with the Company's long-term target
range.
Stephen Inglis, CEO of London & Scottish Property
Investment Management, Asset Manager commented:
"On behalf of the Board we would
like to thank our shareholders for their continued support and
participation in the fundraise, which has enabled the Company to
repay the retail bond in full and reduce our debt further to an LTV
in line with our long-term target.
"Additionally, we have set aside
further funds to make improvements and enhance the attractiveness
and quality of core assets with the aim of growing rental income
and reducing vacancy rates. We look forward to updating
shareholders further on our continuing progress."
- ENDS -
Enquiries:
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Regional REIT Limited
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Press enquiries through
Buchanan
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ESR
Europe Private Markets Limited
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Tel: +44 (0) 203 831 9776
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Investment Adviser to the
Group
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Adam Dickinson, Investor Relations,
Regional REIT Limited
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London & Scottish Property Investment
Management
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Tel: +44 (0) 141 248 4155
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Asset Manager to the
Group
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Stephen Inglis
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Buchanan Communications
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Tel: +44 (0) 20 7466 5000
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Financial PR
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Charles Ryland, Henry Wilson, George
Beale
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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 ESR Europe Private Markets Limited,
the Investment Adviser.
Regional REIT's commercial property
portfolio is comprised wholly of income
producing UK assets and comprises, predominantly of
offices located in the regional centres outside of the M25
motorway. The portfolio is geographically diversified, with 132
properties, 827 tenants as at 21 June 2024, with a valuation of
c.£647.8m.
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