Portfolio Valuation and Update

RNS Number : 3735M

Regional REIT Limited

20 January 2016

 



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
London & Scottish Investments	Tel: [phone]
Asset manager to the Company
Stephen Inglis
Derek McDonald
Toscafund Asset Management	Tel: [phone]
Investment manager to the Company
Nigel Gliksten
Headland	Tel: [phone]
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/ 

 

END

 

 

MSCZMGMMRLRGVZM