Business
Positive Rent Collection & Asset Management Update
Positive Rent Collection & Asset Management Update.
About this update from Regional Reit Ltd.
[{"type":"text","content":"\n \n \n RNS Number : 8915L\n Regional REIT Limited\n 05 May 2020\n \n \n \n \n 5 May 2020\n \n \n REGIONAL REIT Limited\n \n \n (\"Regional REIT\" or the \"Company\")\n \n \n Positive Rent Collection & Asset Management Update\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, today announces further positive rent collection progress, an asset management update and an attractive disposal.\n \n \n \n Rent\n \n \n Collection Update\n \n \n \n Regional REIT is pleased to provide a further update on the good progress achieved by our active asset management strategy in continuing to secure high levels of rent collection, despite the unprecedented current market conditions. As at 1 May 2020, 92.8% had been collected in total, which compares favourably with 91.6% rent collection at the same date in 2019. This comprised of 87.2% of our Q1 2020 rents due and agreed collections from occupiers who are now settling monthly amounting to 5.6%. In addition, we have agreed temporary rent holidays with repayment plans on an additional 1.3%. We continue discussions with tenants on the remaining outstanding element and expect to increase the collection amount in the next few weeks. \n \n \n Asset Management Update\n \n \n The Company's Asset Manager, London & Scottish Property Investment Management, has continued to successfully manage the assets proactively, and the Company provides the following update on further good progress:\n \n \n \n Elmbridge Court, Gloucester:\n \n Frazer-Nash Consultancy Ltd. has renewed its leases of Unit C1 and C2 of the property (4,925 sq. ft.) for a further five years from September this year at a rent of £85,000 per annum (£17.26/sq. ft.), an uplift of 38% against the previous rent. \n \n \n \n Oakland House, Talbot Road, Stretford, Greater Manchester: \n \n The existing tenant, Greater Manchester Combined Authority, has renewed its lease of the 8th Floor (East Wing) of the office property (5,481 sq. ft.). The annual rent is £63,032 per annum (£11.50/sq. ft.), which is a 27% uplift to the previous rental agreement.\n \n \n \n Part Ground Floor, Betchworth House, Redhill:\n \n Current tenant Man Energy Solutions UK Ltd. has renewed the existing l...