Regional REIT Limited Response to Press Speculation

RNS Number : 4256G

Regional REIT Limited

12 March 2024

 

THIS ANNOUNCEMENT AND THE INFORMATION CONTAINED HEREIN ARE FOR INFORMATION PURPOSES ONLY AND DO NOT CONSTITUTE AN OFFER OF SECURITIES IN ANY JURISDICTION.

This announcement contains certain inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 ("MAR"), and is disclosed in accordance with the Company's obligations under Article 17 of MAR.

  12 March 2024

REGIONAL REIT LIMITED

("Regional REIT" or the "Company", together with its subsidiaries the "Group")

Response to press speculation

Further to the Q4 trading update published on 2 February 2024 and the dividend declaration announcement on 22 February 2024 (together, the "Previous Announcements"), Regional REIT (LSE: RGL) notes the recent press speculation regarding the possibility of the Company undertaking an equity capital raise of around £75 million.

As indicated in the Previous Announcements, the Company is actively exploring a range of refinancing options, including debt and/or equity, in respect of the existing £50 million retail bond (the "Retail Bond") given its maturity date in August 2024.  

The Company confirms that significant preparatory work has been undertaken to date in respect of both the debt and equity options, which remain under active consideration.

In the event that the Company proceeds with an equity issue, the Company expects that it would be at a material discount to the Company's current share price and would be subject to, amongst other things, shareholder approval.

The Company continues to consider its options and a further announcement will be made when appropriate.

- 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 ARA Europe Private Markets Limited, the Investment Adviser.

Regional REIT's commercial property portfolio is comprised wholly of income producing UK assets and, predominantly, of offices located in the regional centres outside of the M25 motorway. The portfolio is geographically diversified, with 144 properties and 978 occupiers as at 31 December 2023, with a valuation of c.£700.7m.

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 announcement 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 announcement should not be relied upon by any other party or for any other reason. Any forward looking statements made in this announcement 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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