Business
Significant £32.7m disposal
Significant £32.7m disposal.
About this update from Regional Reit Ltd.
[{"type":"text","content":"\n \n \n \n RNS Number : 8847A\n Regional REIT Limited\n 02 October 2020\n \n \n \n \n 2 October 2020\n \n \n REGIONAL REIT Limited\n \n \n (\"Regional REIT\", the \"Group\" or the \"Company\")\n \n \n \n \n \n Significant £32.7m disposal - 59.4% above acquisition price\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, \n today \n announces it has exchanged and completed on the sale of Juniper Park, Basildon for £32.7m. This disposal reflects an uplift of 59.4% from the acquisition price, including subsequent capital expenditure, and 3.9% above the 30 June 2020 valuation.\n \n \n The 277,760 sq. ft. multi-let industrial, warehouse, and office park was purchased in March 2016 for £20.1m. Having completed a clear plan of value creation at the site of asset management initiatives, which included new lettings, lease extensions and lease renewals - all with high quality tenants, a significant increase in capital value has been realised. \n \n \n \n \n \n Stephen Inglis, Chief Executive Officer of London & Scottish Property Investment Management Limited, the Asset Manager commented:\n \n \n \n \n \n \"This disposal is a further example of our experienced asset manager executing Regional REIT's strategy of disposing of a property once its individual business plan has been achieved. The disposal delivered a significant uplift of 59.4% in value, the result of clearly improving the quality of the asset's income streams leading to a substantial uplift in capital value.\"\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Enquiries:\n \n \n \n \n \n Regional REIT Limited\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Toscafund Asset Management\n \n \n \n \n Tel: +44 (0) 20 7845 6100\n \n \n \n \n \n \n Investment Manager to the Group\n \n \n \n \n \n \n \n \n \n \n \n \n \n Adam Dickinson, Investor Relations, Regional REIT Limited\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n London & Scottish Property Investment Management\n \n \n \n \n Tel: +44 (0) 141 248 4155\n \n \n \n \n \n \n Asset Manager to the Group\n \n \n \n \n \n \n \n \n \n \n \n \n \n Stephen Inglis\n \n \n...