Regional REIT Limited Attractive Office Acquisition for £10.3m (3221Y)
31 Dicembre 2019 - 08:00AM
UK Regulatory
TIDMRGL
RNS Number : 3221Y
Regional REIT Limited
31 December 2019
31 December 2019
REGIONAL REIT Limited
("Regional REIT", the "Group" or the "Company")
Attractive Office Acquisition for GBP10.3m
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, is delighted to announce today that it has
acquired a valuable office asset in one of Scotland's premier
business parks for a total consideration of GBP10.3m.
The office asset comprises 43,676 sq. ft. over 3 floors,
currently 100% let to John Menzies plc, an international aviation
business and one of Scotland's largest companies.
The current contracted rent of GBP880,000 per annum provides a
net initial yield of 8.0% with 3.75 years to lease expiry.
The office asset is in Edinburgh Park, firmly established as one
of Scotland's key business parks providing more than 1 million sq.
ft. of office accommodation to over 30 occupiers with excellent
connectivity to both Edinburgh city centre and Edinburgh
airport.
Stephen Inglis, CEO of London and Scottish Property Investment
Management, the Asset Manager, commented:
"This is a prime asset in the best position on the
internationally renowned Edinburgh Business Park. It is let to a
quality tenant and we have been able to take advantage of
uncertainty in the UK political and economic outlook at the time of
agreeing this deal. This has allowed us to acquire an asset on Park
dominated by large institutional investors and a market that was
simply not previously within our reach given our investment
criteria and returns requirements. This acquisition demonstrates
our ability to secure deals on favourable terms and offers us an
accretive asset management opportunity in the medium term to
optimise value for our shareholders. Further, we are delighted to
incorporate another major letting to a significant international
blue chip tenant within our portfolio."
- 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 / 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, 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 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.
ESMA Legal Entity Identifier ("LEI"): (549300D8G4NKLRIKBX73)
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END
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