Positive Lettings Update

RNS Number : 4432J

Regional REIT Limited

13 December 2022

 

13 December 2022

REGIONAL REIT Limited

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

Positive Letting Update

£0.8m Lease Secured for Birmingham Office

Regional REIT Limited (LSE: RGL), the regional office specialist, is pleased to announce it has completed a new lease of 44,245 sq. ft. of previously vacant Grade A office space to Global Banking School ("GBS") at Norfolk House, Birmingham. The annual rent amounts to £840,991 (£19.01/ sq. ft.), with a 15 year lease including an option to break after 10 years.

GBS is a growing private higher education provider offering a range of sector relevant courses across eight campuses currently, including London, Manchester, Birmingham, and Leeds.

Norfolk House comprises of 115,780 sq. ft. (EPC C) of which 89,681 sq. ft. is office and the balance is retail space. The prominent office building underwent a substantial internal refurbishment programme in 2017-2018, providing quality accommodation over six floors. It benefits from both excellent transport links and amenities, with Birmingham New Street train station in close proximity and situated nearby to the Bullring & Grand Central shopping centre.

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

"We are delighted to have secured this large letting to Global Banking School at Norfolk House, Smallbrook Queensway. GBS was attracted to the high-standard refurbished property due to its ideal location, adjacent to Birmingham New Street railway station, and it being one of the few properties in Birmingham offering flexible floor plates in excess of 10,000 sq. ft..

We welcome GBS to Norfolk House and look forward to working with them in the coming years."

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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, 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 Toscafund Asset Management LLP, the Investment Manager.

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 156 properties, 1,042 occupiers as at 30 September 2022, with a valuation of c.£914.9m.

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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