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20 Jan 2016 07:00
20 January 2015
Regional REIT Limited
("Regional REIT" or the "Company")
Portfolio valuation and update on recent Basingstoke purchase
The Board of Regional REIT (LSE: RGL), the recently listed regional commercial property company, today announces the valuation of the Group's property portfolio as at 31 December 2015.
The value of the property portfolio as at 31 December 2015 was £407,107,500. This is an increase of 7.25%, on a like for like basis, from the 30 June 2015 value of £379,575,000. During the period the Company undertook the sale of six properties for a total of £8.79m, generating a £2.365m surplus to their 30 June 2015 valuation. Since the sale of these properties completed before 31 December, they are not included in the valuation announced today.
In addition, following the recent announcement on 6 January 2016 regarding the purchase of Rosalind House, Basingstoke, the Company has now agreed a lease surrender for a reverse premium of £888,000 and back to back letting following refurbishment to New Voice Media on a new 10 year lease at £394,755 per annum.
Enquiries:
Regional REIT Limited | |
Press enquiries through Headland | |
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London & Scottish Investments | Tel: +44 (0) 141 248 4155 |
Asset manager to the Company |
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Stephen Inglis |
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Derek McDonald |
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Toscafund Asset Management | Tel: +44 (0) 20 7845 6100 |
Investment manager to the Company |
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Nigel Gliksten |
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Headland | Tel: +44 (0)20 7367 5222 |
Financial PR | |
Francesca Tuckett | |
About Regional REIT
Regional REIT Ltd (LSE: RGL) is a London Stock Exchange Main Market listed specialist real estate investment company focused on office and industrial property interests in the principal regional locations of the UK outside of the Greater London area.
The REIT is a managed by a partnership between London & Scottish and Toscafund, and was formed by the merger of two existing funds created by the managers to achieve a differentiated play on recovery in UK regional property to deliver an attractive total return to shareholders, with a strong focus on income.
The Company's investment portfolio is spread across more than 130 regional properties consisting of around 720 individual units, with over 500 tenants. As at December 2015, the investment portfolio had a value of £407,107,500 and an overall income yield of 8.3%. The weighted average unexpired lease term is just under 6 years.
The Company's shares were admitted to the Main Market of the London Stock Exchange on 6 November 2015. For more information, please visit http://www.regionalreit.com/
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