TIDMRGL
RNS Number : 6759C
Regional REIT Limited
19 June 2019
19 June 2019
REGIONAL REIT Limited
("Regional REIT", the "Group" or the "Company")
Portfolio Update: 11.6% Rental Uplift on occupied assets
Regional REIT Limited (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 the following update on
lettings to new and existing tenants in its portfolio. Together
these letting updates represent a headline rent of GBP545,654
across a total of 43,681 sq. ft.
Of this total, four previously vacant units at Mandale Business
Park (Grd Floor Humber House), Market Dock (Unit 2), Milburn House
(Suite D11) and Rivermead Court (Building 2), together representing
GBP102,276 of headline rent, are now occupied with attractive
tenancies providing additional strong sources of income for the
Company.
The remaining lettings to new and existing tenants represent a
rental uplift of 11.6%, providing a new headline rent of
GBP443,379.
Tenancies have been successfully renewed or let at the following
sites:
Rivermead Court, Clevedon: Building 2 at Rivermead Court has
secured a new letting with Claverham Group. Claverham has re-geared
their lease on the first floor and taken a new lease on the ground
floor, subject to the completion of refurbishment works on the
ground floor suite. In total, Claverham will occupy 9,485 sq. ft.
of the property.
Milburn House, Newcastle Upon Tyne: Capita Business Services, a
significant tenant at Milburn House that occupies 8,543 sq. ft. of
the site has renewed its upcoming lease on Suites C9, 10 and 11, a
total of 4,885 sq. ft. In addition, they have signed a new lease
for Suite D11 to occupy a further 390 sq. ft in the building.
Parkway Business Centre, Deeside: Units A&B comprising 7,013
sq. ft. have been re-let to Booker Ltd.
Quadtech Business Park, Hemel Hempstead: Unit 2 comprising 5,001
sq. ft. has been re-let to KLT Construction.
Woodland Court, Bristol: Unit 7 comprising 3,584 sq. ft. has
been re-let to Rheinmetal Defence UK Ltd.
Albert Edward House, Preston: GF Units 3-4 comprising 3,511 sq.
ft. have been let to a new tenant, Spamedica Ltd.
The Genesis Centre, Warrington: Suites 3-6 comprising 3,007 sq.
ft. have been re-let to Gleeds UK.
Cedar House III Business Park, Stockton on Tees: 1,830 sq. ft.
of the first floor has been re-let to Sanlam Private Investments
Ltd. In addition, 1,400 sq. ft. on the second floor has been re-let
to Aecom Infrastructure & Environmental UK Ltd.
Market Dock, Stockton on Tees: The Company has agreed a new
1,545 sq. ft. letting at Unit 2 with ICW Technical Services
Ltd.
Mandale Business Park, Durham: The Group has successfully
secured two new lettings. Firstly, 1,250 sq. ft. in the Ground
Floor of Humber House to Clark Degnan Ltd and a further 780 sq. ft.
in Unit A of Forth House to café operator, Keely Taylor Kay as part
of the Group's strategy to improve amenities at the site.
Stephen Inglis, CEO of London & Scottish Property Investment
Management, commented:
"We are delighted to once again report continuing strong
operational progress within our diversified portfolio of
high-quality office and industrial regional property assets. The
11.6% rental uplift achieved for previously occupied assets
demonstrates not only the success of the Group's active management
approach but also that demand for our regional offices and
industrial sites remains very strong."
- 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
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, 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, 1,192 units and 874 tenants as at 31 December
2018, with a valuation of GBP718.4m.
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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