Regional REIT Limited Norfolk House -- Positive Letting Update (7766R)

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RNS Number : 7766R

Regional REIT Limited

31 October 2023

31 October 2023

REGIONAL REIT Limited

("Regional REIT" the "Group" or the "Company")

Norfolk House - Positive Letting Update

Regional REIT Limited (LSE: RGL), the regional office specialist, is pleased to announce that Norfolk House, Birmingham (118,530 sq. ft.) office accommodation is now fully let. An existing tenant, Global Banking School (" GBS ") has increased its occupancy, taking the remaining 29,383 sq. ft. of previously vacant Grade A office space on the fourth and fifth floor. The tenant already occupied the ground, first and third floors (44,245 sq. ft.), with Accenture (UK) Ltd. occupying the second floor. The additional space taken will provide a rental income of GBP558,277 per annum. The lease is to December 2037, with a break option in 2032 to be coterminous with the existing GBS lease. When combined, the GBS lettings provide annual rental income of GBP1.4m.

GBS is a growing private higher education provider, offering a range of sector relevant courses across eight campuses, including Leeds, Manchester, Birmingham and London.

Norfolk House comprises of 92,431 sq. ft. of Grade A office space with the balance being retail. The prominent office building underwent a substantial internal refurbishment programme in 2017-2018, providing quality accommodation over six floors. It benefits from both excellent transport links and amenities, with Birmingham New Street train station in close proximity and situated near to the Bullring and Grand Central shopping centre.

Stephen Inglis, CEO of London & Scottish Property Investment Management, Asset Manager commented:

"Following the completion of our refurbishment programme, we are delighted to achieve 100% occupancy of the offices within Norfolk House, one of the largest value assets in the REIT portfolio.

GBS was attracted to the high standard of the recently completed refurbishment and its excellent location in the heart of Birmingham city centre, adjacent to Birmingham New Street railway station. This is a further demonstration of positive leasing activity in the region."

- ENDS -

Enquiries:

 
Regional REIT Limited 
Press enquiries through Buchanan 
 
ARA Europe Private Markets Limited                Tel: [phone] 
Investment Adviser to the Group 
Adam Dickinson, Investor Relations 
 
London & Scottish Property Investment Management  Tel: [phone] 
Asset Manager to the Group 
Stephen Inglis 
 
Buchanan Communications                           Tel: [phone] 
Financial PR 
Charles Ryland, Henry Wilson, George Beale 
 

About Regional REIT

Regional REIT Limited ("Regional REIT" or the "Company") and its subsidiaries (the "Group") is a United Kingdom ("UK") based real estate investment trust that launched in November 2015. It is managed by London & Scottish Property Investment Management Limited, the Asset Manager, and Toscafund Asset Management LLP, the Investment Manager.

Regional REIT's commercial property portfolio is comprised wholly of income producing UK assets and comprises, predominantly of offices located in the regional centres outside of the M25 motorway. The portfolio is geographically diversified, with 150 properties, 1,038 occupiers as at 30 June 2023, with a valuation of c.GBP752.2m.

Regional REIT pursues its investment objective by investing in, actively managing and disposing of regional core and core plus property assets. It aims to deliver an attractive total return to its Shareholders, targeting greater than 10% per annum, with a strong focus on income supported by additional capital growth prospects.

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   . 

Cautionary Statement

This document has been prepared solely to provide additional information to Shareholders to assess the Group's performance in relation to its operations and growth potential. The document should not be relied upon by any other party or for any other reason. Any forward looking statements made in this document are done so by the Directors in good faith based on the information available to them up to the time of their approval of this document. However, such statements should be treated with caution due to the inherent uncertainties, including both economic and business risk factors, underlying any such forward-looking information.

ESMA Legal Entity Identifier ("LEI"): 549300D8G4NKLRIKBX73

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October 31, 2023 03:00 ET (07:00 GMT)