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16 Apr 2024 07:00
16 April 2024
REGIONAL REIT Limited
("Regional REIT" the "Group" or the "Company")
Lightyear, Glasgow Airport - Positive Letting Update
Regional REIT Limited (LSE: RGL), the regional office specialist, is pleased to announce that Lightyear, a Grade A office near Glasgow Airport, is now over 90% let with a contracted rental income of £1.3million per annum and in-line with its estimated rental value. This follows the recent lettings of over 30,000 sq. ft. of vacant Grade A office space.
The Company is delighted to welcome Heathrow Airport Ltd. and Rolls-Royce to Lightyear, joining existing tenants Loganair, Taylor Wimpey UK Ltd. and Cefetra Ltd., together with our Business Hub occupiers.
Heathrow Airport Ltd. has leased 15,121 sq. ft. for 15 years and Rolls-Royce has leased 15,116 sq. ft. for 10 years. Loganair occupy 14,330 sq. ft. to 2033, having recently renewed their lease, while Taylor Wimpey UK Ltd. occupy 10,696 sq. ft. to 2029 and Cefetra Ltd. has leased 11,199 sq. ft. until 2029.
Lightyear is a flagship building in the Glasgow Airport office park offering some of the best office accommodation outside of Glasgow City Centre. In total, Lightyear comprises 73,499 sq. ft. of high specification office space located just a five-minute walk from Glasgow Airport and a 20-minute drive to Glasgow City Centre.
It is the 13th largest asset in the Company's portfolio, accounting for 1.8%1 of the total portfolio value at £12.3 million1.
Stephen Inglis, CEO of London & Scottish Property Investment Management, Asset Manager commented:
"We are pleased to announce that Lightyear, a best-in-class asset, is now let to five blue chip tenants who operate across a range of sectors. The Grade A office space is in a prime location in a key regional hub. The Asset Manager improved the attractiveness of the asset dramatically through several asset management initiatives, a key focus for the Company across the portfolio.
"Also, in Glasgow, we are seeing an increase in enquiries for 300 Bath Street which has undergone a comprehensive reconfiguration works to reposition the asset. We look forward to providing portfolio updates in due course".
- ENDS -
1. As at the 31 December 2023 valuation.
Enquiries:
Regional REIT Limited |
|
Press enquiries through Buchanan | |
ARA Europe Private Markets Limited | Tel: +44 (0) 203 831 9776 |
Investment Adviser to the Group | |
Adam Dickinson, Investor Relations | |
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, Henry Wilson, George Beale | |
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 ARA Europe Private Markets, the Investment Adviser.
Regional REIT's commercial property portfolio is comprised wholly of income producing UK assets and comprises, predominantly of offices located in the regional centres outside of the M25 motorway. The portfolio is geographically diversified, with 144 properties, 978 occupiers as at 31 December 2023, with a valuation of c.£700.7m.
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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