Regional REIT Limited 10.1% Yielding Business Park Acquisition (9812H)
09 Dicembre 2020 - 8:00AM
UK Regulatory
TIDMRGL
RNS Number : 9812H
Regional REIT Limited
09 December 2020
9 December 2020
REGIONAL REIT Limited
("Regional REIT", the "Group" or the "Company")
10.1% Yielding Acquisition
of Beeston Business Park, Nottingham for GBP16.4m
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 it
has completed the purchase of Beeston Business Park, Technology
Drive, Nottingham, for a consideration of GBP16.4m (the
"Acquisition").
The out-of-town site comprises 220,274 sq. ft. of internal
space, including a flagship multi-let two floor office building on
a total site of 26.5 acres. The business park benefits from
excellent transport links being adjacent to the Beeston Train
Station which has direct connectivity to London St. Pancras
International, and is located four miles from Nottingham city
centre. Additionally, East Midlands Airport is located only 12
miles to the south west of the business park.
The tenants include Metropolitan Housing Trust, Worldwide
Clinical Trials Ltd., and Heart Internet Ltd. (trading as GoDaddy).
The rent of circa GBP1.5m per annum, reflects a net initial yield
of 10.1%, with a weighted average unexpired lease term of 11.1
years to expiry and 7.8 years to the first break.
Stephen Inglis, Chief Executive Officer of London & Scottish
Property Investment Management Limited, the Asset Manager
commented:
"We are delighted that the Company has made a further accretive
acquisition, which has been partially funded by recycled sales
proceeds. To acquire such a high quality and income producing asset
management opportunity is quite an achievement in the current
market environment. The yield of 10.1% reflects a substantial
uplift against the 4.8% yield which was generated from Juniper
Park, Basildon, recently sold for GBP32.7m.
The business park is well positioned in one of the UK's top 15
cities with excellent transport links and it also increases our
regional diversification. In addition, the Acquisition offers the
potential execution of a number of near term asset management
initiatives. These attributes make it a good fit with our
specialised asset management platform and offers both short and
medium term income and capital growth opportunities.
As recently announced, the Company is investing its resources in
cementing its position as a pre-eminent regional office specialist
that consistently offers long term capital growth whilst
maintaining a quarterly dividend."
- 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 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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