REG - Regional REIT Ltd - Positive Lettings Update

Regional REITAnnouncement

13/12/2022 07:00

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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."

 

 

- ENDS -

 

Enquiries:

 

 Regional REIT Limited
 Press enquiries through Buchanan

 Toscafund Asset Management                                 Tel: +44 (0) 20 7845 6100
 Investment Manager to the Group
 Adam Dickinson, Investor Relations, Regional REIT Limited

 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 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 (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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