Business
Sale agreed for The Point, Glasgow
Sale agreed for The Point, Glasgow.
About this update from Regional Reit Ltd.
[{"type":"text","content":"\n \nRNS Number : 9211R Regional REIT Limited 20 June 2018 \n\n20 June 2018\nREGIONAL REIT Limited\n(\"Regional REIT\", \"the Group\" or \"the Company\")\n \nSale agreed for The Point, Hamilton Hill, Glasgow\n \n \nRegional REIT, the UK regional office and industrial property focused real estate investment trust, today announces it has exchanged contracts to sell The Point Trade & Retail Park, Hamilton Hill, Glasgow for £14.1m. This reflects a net initial yield of 6.6%.\n \nThe 158,546 sq ft property was acquired in 2013 and comprises 11 individual units let on 10 separate leases. Over the five-year ownership of the property, several asset management initiatives have been instigated such as subdivision of some of the larger units to create smaller units. In addition, a series of renovations have resulted in increased rental income, which now totals £995,315 pa. The sale price represents an uplift of 5.6% against the 31 December 2017 valuation. \n \nCompletion is expected to take place in early July 2018.\n \nStephen Inglis, Chief Executive Officer of London & Scottish Investments Limited, the Asset Manager commented: \"This sale is another example of how Regional REIT looks to take advantage of opportunities to recycle capital on properties which have met their individual asset plans. Over the last five years, we have applied our strategy of active asset management at The Point, creating a fully let and stabilised property with robust rental streams. This has resulted in us achieving strong pricing from an institutional purchaser, and given us an excellent opportunity to realise returns.\" \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...