16 April 2024
REGIONAL REIT
Limited
("Regional REIT" the "Group" or the "Company")
Lightyear, Glasgow Airport -
Positive Letting Update
Regional REIT Limited (LSE: RGL),
the regional office specialist, is pleased to announce that
Lightyear, a Grade A office near Glasgow Airport, is now over 90%
let with a contracted rental income of £1.3million per annum and
in-line with its estimated rental value. This follows the recent
lettings of over 30,000 sq. ft. of vacant Grade A office
space.
The Company is delighted to welcome
Heathrow Airport Ltd. and Rolls-Royce to Lightyear, joining
existing tenants Loganair, Taylor Wimpey UK Ltd. and Cefetra Ltd.,
together with our Business Hub occupiers.
Heathrow Airport Ltd. has leased
15,121 sq. ft. for 15 years and Rolls-Royce has leased 15,116 sq.
ft. for 10 years. Loganair occupy 14,330 sq. ft. to 2033, having
recently renewed their lease, while Taylor Wimpey UK Ltd. occupy
10,696 sq. ft. to 2029 and Cefetra Ltd. has leased 11,199 sq. ft.
until 2029.
Lightyear is a flagship building in
the Glasgow Airport office park offering some of the best office
accommodation outside of Glasgow City Centre. In total, Lightyear
comprises 73,499 sq. ft. of high specification office space located
just a five-minute walk from Glasgow Airport and a 20-minute drive
to Glasgow City Centre.
It is the 13th largest
asset in the Company's portfolio, accounting for 1.8%1
of the total portfolio value at £12.3
million1.
Stephen Inglis, CEO of London & Scottish
Property Investment Management, Asset Manager
commented:
"We are pleased to announce that Lightyear, a best-in-class
asset, is now let to five blue chip tenants who operate across a
range of sectors. The Grade A office space is in a prime location
in a key regional hub. The Asset Manager improved the
attractiveness of the asset dramatically through several asset
management initiatives, a key focus for the Company across the
portfolio.
"Also, in Glasgow, we are seeing an increase in enquiries for
300 Bath Street which has undergone a comprehensive reconfiguration
works to reposition the asset. We look forward to providing
portfolio updates in due course".
- ENDS -
1.
As at the 31 December 2023
valuation.
Enquiries:
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Regional REIT Limited
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Press enquiries through
Buchanan
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ARA
Europe Private Markets Limited
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Tel: +44 (0) 203 831 9776
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Investment Adviser to the
Group
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Adam Dickinson, Investor
Relations
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London & Scottish Property Investment
Management
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Tel: +44 (0) 141 248 4155
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Asset Manager to the
Group
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Stephen Inglis
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Buchanan Communications
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Tel: +44 (0) 20 7466 5000
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Financial PR
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Charles Ryland, Henry Wilson, George
Beale
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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, 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 144
properties, 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 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