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(Alliance News) - Real estate investment trust Regional REIT Ltd said Wednesday that FTSE 100-listed insurer Aviva PLC signed a new multi-year lease for a Hampshire office, with rents 16% ahead of the previous agreement.
Aviva has taken a new 10 year lease for the 43,000 square foot Chilworth House building in Eastleigh at a rent of GBP775,000 per year. This rent is 16% ahead of the passing rent under the previous lease.
"We are delighted that another long-term FTSE 100 tenant has renewed their lease with Regional REIT", Stephen Inglis, the chief executive of asset manager London & Scottish Property Investment Management said.
"Demand continues to be strong and we are very encouraged by the rental rates that we are able to achieve," Inglis added. "We also have no shortage of properties to acquire which we can actively manage and improve and subsequently increase rental income. Our intensive active management strategy continues to deliver for our shareholders."
Shares in Regional REIT were 0.8% higher at 108.00 pence in London on Wednesday.
By Ahren Lester; ahrenlester@alliancenews.com
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