REG - Regional REIT Ltd - Positive Letting Update

Regional REITAnnouncement

16/04/2024 07:00

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RNS Number : 7044K  Regional REIT Limited  16 April 2024

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 13(th) largest asset in the Company's portfolio, accounting for
1.8%(1) of the total portfolio value at £12.3 million(1).

 

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 (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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