Aviva Letting - Significant Headline Rent Increase

RNS Number : 7519U

Regional REIT Limited

27 November 2019

 

27 November 2019

REGIONAL REIT Limited

("Regional REIT", the "Group" or the "Company")

Aviva Letting - Significant Headline Rent Increase

Regional REIT (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, is delighted today to announce that a blue chip FTSE 100 insurer has agreed to take a new 10 year lease for 42,612. sq. ft. at Chilworth House, Hampshire Corporate Park, Eastleigh, at a rent of £775,000 per annum which is 15.7% ahead of the previous passing rent.

Stephen Inglis, CEO of London & Scottish Property Investment Management, the Asset Manager, commented:

"We are delighted that another long-term FTSE 100 tenant has renewed their lease with Regional REIT."

"Demand continues to be strong and we are very encouraged by the rental rates that we are able to achieve. 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."

ENDS -

Enquiries:

Regional REIT Limited
Press enquiries through Buchanan
Toscafund Asset Management	Tel: [phone]
Investment Manager to the Group
Adam Dickinson, Investor Relations, Regional REIT Limited
London & Scottish Property Investment Management	Tel: [phone]
Asset Manager to the Group
Stephen Inglis
Buchanan Communications	Tel: [phone]
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 ("LSPIM"), the Asset Manager, and Toscafund Asset Management LLP ("Toscafund"), 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 149 properties, 1,178 units and 828 tenants as at 30 June 2019, with a valuation of £721.7m.

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.

LEI: 549300D8G4NKLRIKBX73 

 

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