Business
Completion of 35.2m acquisition
Completion of 35.2m acquisition.
About this update from Regional Reit Ltd.
[{"type":"text","content":"\n \nRNS Number : 5242S Regional REIT Limited 26 June 2018 \n\n26 June 2018\nREGIONAL REIT Limited\n(\"Regional REIT\", \"the Group\" or \"the Company\")\n \nCompletion of acquisition of £35.2 million regional portfolio\n \n \nFurther to the announcement on 2 May 2018 of the exchange of contracts to purchase six regional assets from Kildare Partners for £35.2 million in an off-market transaction, the Company is pleased to confirm the acquisition has now completed.\n \nAs previously indicated the portfolio consists of five regional offices and one office/distribution property located in Telford, Rotherham, Macclesfield, Dundee, Chelmsford and Bedford. The assets total circa 320,000 sq. ft. let to 12 tenants including NHS Property Services Ltd., Swiss Precision Diagnostics, Capgemini, Elior UK Services Ltd., Royal Bank of Scotland plc. and The Scottish Ministers. The assets are expected to provide a total net income of c. £3.1 million per annum which equates to a net initial yield of 8.4%.\n \n \nStephen Inglis, Chief Executive Officer of London & Scottish Investments Limited, the Asset Manager commented: \"We are pleased to have completed the acquisition of this portfolio and in line with our initial timeline. These six assets, based across a range of geographic locations - all with strong income characteristics, complement our existing portfolio.\n \nThis transaction once again illustrates our approach of recycling proceeds from our sale programme into replacement assets that sustain the REIT's diversified income.\"\n \n \nEnquiries:\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 \n \n \n \n \n \n \nAbout Regional...