Regional REIT Limited Solar Panel JV with Sunbird Solar

RNS Number : 7456J

Regional REIT Limited

28 October 2024

 

28 October 2024

REGIONAL REIT Limited

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

Solar Panel JV with Sunbird Solar

 

Regional REIT Limited (LSE: RGL), the regional property specialist, is delighted to announce that it has entered into a joint venture with leading Pan-European solar PV developer, Sunbird Solar International Limited ("Sunbird"), to install solar panels on a number of the most suitable properties within the Company's portfolio, making the properties more attractive to potential tenants.

 

Phase one of the installation programme will encompass 19 properties with an aggregate portfolio generation capacity of 4,173 kW and is expected to be completed within a year. Regional REIT will invest alongside Sunbird in the joint venture company called Sugarbird SolarCo (UK) Limited.

 

The joint venture will enhance the EPC credentials of the respective buildings, supplement and provide on-site green electricity to common parts and continue the ongoing momentum of reducing CO2 emissions by some 713 tonnes across the portfolio.

 

The annual solar electricity output of this first phase is equivalent to reducing the electricity usage of 1,270 average UK households, further demonstrating our commitment to long term sustainability that will deliver real impact at scale.

 

Sunbird is a leading Pan-European solar PV developer led by an experienced team of Commercial and Industrial solar specialists with decades of experience in developing, financing, designing, constructing, and maintaining solar and battery energy storage assets.

 

Stephen Inglis, Head of ESR Europe LSPIM, Asset Manager commented:

"We are delighted to be working with Sunbird on this important programme that reflects the Company's significant ambition to deliver meaningful environmental enhancements. This important programme will reduce our portfolio's carbon footprint and enable the properties to benefit from both lower maintenance and energy costs."

Dave Colley, Director at Sunbird, commented:

"We're really pleased to be working with Regional REIT on this exciting joint venture of improving the energy efficiency of the portfolio to the benefit of the properties, to the other stakeholders and the benefit of the environment.

Sunbird is able to bring its global experience in developing, engineering, installing and managing rooftop solar plants that are built to the highest standards to deliver green electricity for decades to come."

 

 

 

- ENDS -

 

Enquiries:

 

Regional REIT Limited
Press enquiries through Burson Buchanan
ESR Europe Private Markets Limited	Tel: [phone]
Investment Adviser to the Group
Adam Dickinson, Investor Relations, Regional REIT Limited
ESR Europe LSPIM Limited	Tel: [phone]
Asset Manager to the Group
Stephen Inglis
Burson Buchanan Communications	Tel: [phone]
Financial Communications
Charles Ryland, Henry Wilson, Samuel Adams

 

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 ESR Europe LSPIM Limited, the Asset Manager, and ESR Europe Private Markets Limited, the Investment Adviser.

 

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 132 properties, 1,305 units and 832 tenants as at 30 June 2024, with a valuation of c.£647.9m.

 

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.

 

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

 

 

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