Business
Positive Trading Update & Joint Broker Appointment
Positive Trading Update & Joint Broker Appointment.
About this update from Regional Reit Ltd.
[{"type":"text","content":"\n \n \n RNS Number : 1353V\n Regional REIT Limited\n 05 August 2020\n \n \n \n \n 5 August 2020\n \n \n REGIONAL REIT Limited\n \n \n (\"Regional REIT\", the \"Group\" or the \"Company\")\n \n \n \n \n \n Positive Trading Update\n \n \n and\n \n \n Appointment of Joint Broker\n \n \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, today announces its Group property portfolio valuation as at 30 June 2020 which again demonstrates the strength of the portfolio in the face of Covid-19, and an asset management update. \n \n \n Additionally, the Group announces that Panmure Gordon (UK) Ltd. has been appointed as joint corporate broker and joint financial adviser, alongside Peel Hunt, with immediate effect.\n \n \n 30 June 2020 valuation - Highly diversified portfolio\n \n \n The overall valuation was £742.3m* (31 December 2019: £787.9m), only a 3.7% portfolio decrease from 31 December 2019. Very encouragingly, after adjusting for capital expenditure of £4.5m and disposals of £15.1m during the period, the portfolio only decreased 4.3% on a like-for-like basis from the 31 December 2019 valuation, and the Group's core office and industrial segment (94.2% by value) only decreased by 3.6% on a like-for-like basis.\n \n The highly diversified and extensive portfolio, the diversification of which has long been an integral part of the Group's strategy to mitigate any risk, contains 151 properties (31 December 2019: 160). \n \n The Group's net loan-to-value ratio is below the Company's stated target of 40% at c.39.7% as at 30 June 2020 (31 December 2019: 38.9%).\n \n \n \n \n \n Rent Collection Update - Remains strong in the current economic climate\n \n \n \n \n \n As at 31 July 2020 Q1 rent collection has continued to increase to c. 98%. This comprises of 96% of Q1 rent paid and agreed collections with occupiers amounting to 2%, which is ahead of management expectations at this point in time given the current backdrop. We anticipate collecting additional Q1 rent in due course.\n \n \n \n \n \n Further to the 27 July 2020 Q2 rent collection announcement, further good progress has been achieved with an increase to c. 93%. This comprises of 84% of...