Business
Completion of acquisition of two portfolios
Completion of acquisition of two portfolios.
About this update from Regional Reit Ltd.
[{"type":"text","content":"\n \nRNS Number : 2754A Regional REIT Limited 27 December 2017 \n\n \n \n \n27 December 2017\n \nREGIONAL REIT LIMITED\n(\"Regional REIT\", \"the Group\" or \"the Company\")\n \nCompletion of acquisition of two portfolios comprising 20 properties\n \nFurther to the announcement on 4 December 2017 of a proposed capital raise for the acquisition of two portfolios together comprising 20 properties, and the subsequent announcement on 19 December 2017 confirming a successful capital raise of £73million, the Company is delighted to confirm the two acquisitions completed on Friday 22 December 2017.\n \n \nStephen Inglis, Chief Executive Officer of London & Scottish Investments, the Asset Manager of Regional REIT, commented: \"We are pleased to have completed the acquisitions of both portfolios - again demonstrating our ability to get deals done and deliver on our commitments.\n\"Both portfolios are immediately income and earnings accretive, and help Regional REIT move further towards its objective of becoming the specialist regional property player of scale.\"\n \n \n- ENDS -\n \nEnquiries: \nHeadland \nFrancesca Tuckett / Bryony Sym / Jack Gault / - 0203 805 4822\nAbout Regional REIT \nRegional 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. \nRegional 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.\nThe 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 £640.4m and a net initial yield of 6.7%. The weighted average unexpired lease term to first break was 3.5 years.\nThe Company's shares were admitted to the Official List of the UK's Financial Conduct Authority an...