(Alliance News) - Office and industrial property firm Regional REIT Ltd said Friday it had completed lettings for four further properties, with rent 19% higher than previously.
At Junipen park in Basildon, a new five-year lease has been signed for a unit which will generated GBP240,800 per year in rent. In Lincoln, Witham Park House saw a lease signed until 2032 with an annual rent of GBP220,000.
In Birmingham, the 2800 The Crescent property had its first floor rented for ten years with a GBP150,876 per year rental income. Silver Court in Welwyn Garden City had a unit let renewed for another three years for GBP32,861 per year rent.
"The continuing strength of successful letting activity across our national portfolio is a testament to the value added by our bespoke asset management strategies," the asset manager London & Scottish Property Chief Executive Officer Stephen Inglis said.
"Following several continuing initiatives, we are pleased to announce further rental uplifts this morning, 19% ahead of our expected rental value," Inglis added.
"The diversity of income continues to grow as we expand our asset base and further enhance the quality and quantity of our rental and expand our tenant base," Inglis continued. "We would like to welcome the new tenants who are joining us and thank existing tenants who have chosen to renew with Regional REIT."
Shares in Regional REIT were 0.4% higher at 106.60 pence in London on Friday.
By Ahren Lester; ahrenlester@alliancenews.com
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Regional Reit (RGL)