Business
Completes £39.1m industrial portfolio disposal
Completes £39.1m industrial portfolio disposal.
About this update from Regional Reit Ltd.
[{"type":"text","content":"\n \nRNS Number : 1604T Regional REIT Limited 02 July 2018 \n\n2 July 2018\nREGIONAL REIT Limited\n(\"Regional REIT\", \"the Group\" or \"the Company\")\n \nCompletes £39.1m industrial portfolio disposal\n \n \nRegional REIT, the UK regional office and industrial property focused real estate investment trust, today announces it has exchanged and completed on the disposal of an industrial property portfolio for £39.1m. This reflects a net initial yield of 6.9%.\n \nThe sold industrial portfolio comprised of 15 industrial property assets, 54 units, and 42 tenants amounting to 610,620 sq ft.\n \nThe sale price represents an uplift of 24.1% against the 31 December 2017 valuation.\n \nOver the ownership of the portfolio, several asset management initiatives have been instigated which have improved occupancy rates and rental income such as a series of renovations, and the subdivision of some of the larger units. \n \nStephen Inglis, Chief Executive Officer of London & Scottish Investments Limited, the Asset Manager commented: \"This disposal is a further example of Regional REIT's opportunistic approach. The current investor demand for industrial assets provides us with the opportunity to realise returns at a significant premium to the property valuation, and recycle capital into other assets where we can apply our active asset management strategies.\" \n \n \nEnquiries:\n \n\n\n\n\nRegional REIT Limited\n\n\n \n\n\n\n\nPress enquiries through Headland\n\n\n\n\n \n\n\n \n\n\n\n\nToscafund Asset Management\n\n\nTel: +44 (0) 20 7845 6100\n\n\n\n\nInvestment Manager to the Group\n\n\n \n\n\n\n\nAdam Dickinson, Investor Relations, Regional REIT Limited\n\n\n \n\n\n\n\n \n\n\n \n\n\n\n\nLondon & Scottish Investments\n\n\nTel: +44 (0) 141 248 4155\n\n\n\n\nAsset Manager to the Group\n\n\n \n\n\n\n\nStephen Inglis\n\n\n \n\n\n\n\n \n\n\n \n\n\n\n\nHeadland\n\n\nTel: +44 (0) 20 3805 4822\n\n\n\n\nFinancial PR\n\n\n \n\n\n\n\nFrancesca Tuckett / Bryony Sym / Jack Gault\n\n\n \n\n\n\n\n \n \nAbout Regional REIT\nAbout Regional REIT Regional REIT Limited (LSE: RGL) is a London Stock Exchange Main Market traded specialist real estate investment trust focused on office and industrial property interests in the p...