Regional REIT Limited Sale agreed with Unite Students for Leeds site (1083W)
10 November 2017 - 6:00PM
UK Regulatory
TIDMRGL
RNS Number : 1083W
Regional REIT Limited
10 November 2017
10 November 2017
Regional REIT Agrees Leeds Sale with Unite Students
London & Scottish Property, Asset Manager to Regional REIT
Limited, the UK regional office and industrial property focused
real estate investment trust, has exchanged contracts to sell a
development site in Leeds for GBP10.5m on a subject-to-planning
basis to Unite Students, the UK's leading manager and developer of
student accommodation.
The 21,000 sq ft site currently provides leisure accommodation
over two levels. It was acquired by Regional REIT in March 2016 as
part of the Wing Portfolio together with the adjacent 19 storey
Arena Point office tower.
The sale sees Regional REIT retaining the 77,000 sq ft 19 storey
landmark Arena Point office tower. The group continues to invest in
the refurbishment of the remaining floors, having recently let the
6(th) and 7(th) floors to Interserve.
Stephen Inglis, Chief Executive of LSI and Director of Regional
REIT, commented: "While we continue to invest in the office
development at Arena Point, we saw an opportunity to realise a
circa GBP9m profit from the adjacent underdeveloped element of the
site. Unite's development will be complimentary to our continuing
investment in Arena Point, an area undergoing significant
regeneration."
- ENDS -
Enquiries:
Headland
Francesca Tuckett / Bryony Sym / Jack Gault / - 0203 805
4822
About Regional REIT
Regional REIT Limited (LSE: RGL) ("Regional REIT", the "Group"
or the "Company") is a London Stock Exchange Main Market traded
specialist real estate investment trust focused on office and
industrial property interests in the principal regional locations
of the United Kingdom outside of the M25 motorway.
Regional REIT is managed by London & Scottish Investments,
the Asset Manager, and Toscafund Asset Management, the Investment
Manager, and was formed by the combination of two existing funds
previously created by the Managers as a differentiated play on the
expected recovery in UK regional property, to deliver an attractive
total return to Shareholders and with a strong focus on income.
The Group's investment portfolio, as at 30 June 2017, was spread
across 150 regional properties, 1,093 units and 823 tenants. As at
30 June 2017, the investment portfolio had a value of GBP640.4m and
a net initial yield of 6.7%. The weighted average unexpired lease
term to first break was 3.5 years.
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.
London & Scottish Property is a wholly-owned subsidiary of
London & Scottish Investments Limited, the Asset Manager to
Regional REIT Limited, providing property and asset management
services.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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