Business
Acquisition & Positive Rent Collection Update
Acquisition & Positive Rent Collection Update.
About this update from Regional Reit Ltd.
[{"type":"text","content":"\n \n \n \n RNS Number : 0143E\n Regional REIT Limited\n 03 November 2020\n \n \n \n \n 3 November 2020\n \n \n REGIONAL REIT Limited\n \n \n (\"Regional REIT\", the \"Group\" or the \"Company\")\n \n \n \n 8.9% Yielding £8.4m Office Acquisition\n \n \n \n &\n \n \n Positive Rent Collection Update\n \n \n \n Regional REIT (LSE: RGL), the regional real estate investment specialist focused on building a diverse portfolio of income producing regional UK core and core plus office and industrial property assets, is pleased to announce that it has completed the acquisition of a modern Grade A flagship office building in Cardiff for £8.4m. In addition, Regional REIT is delighted to report that rent collection across the portfolio has continued to increase with Q3 collections further increasing to 93.5% from 90.8% as previously announced on 14 October 2020.\n \n \n £8.4m Office Acquisition Yielding 8.9%\n \n \n \n \n \n The four-floor Grade A office asset (61,641 sq. ft.) is set in a 6.0 acre site with some 200 dedicated car parking spaces and is located in Global Reach, Cardiff. It benefits from excellent transport links, being within a five-minute drive to Cardiff city centre as well as the M4 motorway.\n \n \n It is fully let to Relx UK Ltd, NFU Mutual Insurance, The British Diabetic Association, Active Quote Ltd, Source Insurance Ltd and Wilmott Dixon Construction Ltd with a rent of £803,000 (£13.02 sq.ft.) per annum, reflecting a net initial yield of 8.9%, and a weighted average unexpired lease term of 5.0 years to expiry, and 2.6 years to the first break.\n \n \n Rent Collection Update\n \n \n Rent collection across the portfolio has continued to strengthen with Q1 amounting to 99.2% and Q2 at 97.0%. Currently, Q3 rent collection, adjusting for monthly rent and agreed collection plans, stands at 93.5%, at the equivalent date in 2019 94.2% had been collected. \n \n \n The table below sets out the status of the rent collection for Q1, Q2 and Q3 as at 30 October 2020:\n \n \n \n \n \n \n \n \n %\n \n \n \n \n \n \n \n \n \n \n \n Q1 2020\n \n \n \n \n Q2 2020\n \n \n \n \n Q3 2020\n \n \n \n \n YTD \n \n \n \n \n \n \n Rent paid\n \n \n \n \n \n \n \n \n \n \n \n 97.4\n \n \n \n \n 93.5\n \n \n \n \n 87.2\n \n \n \n \n 92.8\n \n \n \n \n \n \n Adjusted for monthly rents\n \n \n \n \n \n \n \n \n \n \n \n 0...