10 November 2017
Regional REIT Agrees Leeds Sale with Unite Students
London & Scottish Property, Asset Manager to Regional REIT Limited, the UK regional office and industrial property focused real estate investment trust, has exchanged contracts to sell a development site in Leeds for £10.5m on a subject-to-planning basis to Unite Students, the UK's leading manager and developer of student accommodation.
The 21,000 sq ft site currently provides leisure accommodation over two levels. It was acquired by Regional REIT in March 2016 as part of the Wing Portfolio together with the adjacent 19 storey Arena Point office tower.
The sale sees Regional REIT retaining the 77,000 sq ft 19 storey landmark Arena Point office tower. The group continues to invest in the refurbishment of the remaining floors, having recently let the 6th and 7th floors to Interserve.
Stephen Inglis, Chief Executive of LSI and Director of Regional REIT, commented: "While we continue to invest in the office development at Arena Point, we saw an opportunity to realise a circa £9m profit from the adjacent underdeveloped element of the site. Unite's development will be complimentary to our continuing investment in Arena Point, an area undergoing significant regeneration."
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About Regional REIT
Regional 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.
Regional 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.
The 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.
The Company's shares were admitted to the Official List of the UK's Financial Conduct Authority and to trading on the London Stock Exchange on 6 November 2015. For more information, please visit the Group's website at www.regionalreit.com.
London & Scottish Property is a wholly-owned subsidiary of London & Scottish Investments Limited, the Asset Manager to Regional REIT Limited, providing property and asset management services.
