REG - Regional REIT Ltd - Norfolk House – Positive Letting Update

Regional REITAnnouncement

31/10/2023 07:00

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RNS Number : 7766R  Regional REIT Limited  31 October 2023

31 October 2023

REGIONAL REIT Limited

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

Norfolk House - Positive Letting Update

 

Regional REIT Limited (LSE: RGL), the regional office specialist, is pleased
to announce that Norfolk House, Birmingham (118,530 sq. ft.) office
accommodation is now fully let. An existing tenant, Global Banking School
("GBS") has increased its occupancy, taking the remaining 29,383 sq. ft. of
previously vacant Grade A office space on the fourth and fifth floor. The
tenant already occupied the ground, first and third floors (44,245 sq. ft.),
with Accenture (UK) Ltd. occupying the second floor. The additional space
taken will provide a rental income of £558,277 per annum. The lease is to
December 2037, with a break option in 2032 to be coterminous with the existing
GBS lease. When combined, the GBS lettings provide annual rental income of
£1.4m.

 

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

 

Norfolk House comprises of 92,431 sq. ft. of Grade A office space with the
balance being retail. 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 near to the Bullring and Grand Central shopping centre.

 

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

 

"Following the completion of our refurbishment programme, we are delighted to
achieve 100% occupancy of the offices within Norfolk House, one of the largest
value assets in the REIT portfolio.

 

GBS was attracted to the high standard of the recently completed refurbishment
and its excellent location in the heart of Birmingham city centre, adjacent to
Birmingham New Street railway station. This is a further demonstration of
positive leasing activity in the region."

 

 

- ENDS -

 

Enquiries:

 

 Regional REIT Limited
 Press enquiries through Buchanan

 ARA Europe Private Markets Limited                      Tel: +44 (0) 20 7845 6100
 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 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 150 properties, 1,038 occupiers as at 30 June 2023, with a
valuation of c.£752.2m.

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 (http://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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