Repayment of Retail Bond

Source: RNS
RNS Number : 6180Z
Regional REIT Limited
08 August 2024
 

8 August 2024

REGIONAL REIT Limited

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

Repayment in full of Retail Bond

 

Regional REIT Limited (LSE: RGL), the regional property specialist, announces that it has repaid in full the 4.50% £50 million retail bond (ISIN XS1849479602), which matured on 6 August 2024.

 

Following the repayment of the bond, the Company's reduced borrowings amount to £353.3 million, with a weighted average cost of capital of 3.4%.

 

As announced on 18 July 2024 and further to the successful £110.5 million capital raise, an additional £26 million from the net capital raising proceeds will be used to reduce bank facilities further, which will result in the Company having greater headroom under the Group's covenants in such facilities and the LTV decreasing to 41% from 57% prior to the fund raising, in line with the Company's long-term target range.

 

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

"On behalf of the Board we would like to thank our shareholders for their continued support and participation in the fundraise, which has enabled the Company to repay the retail bond in full and reduce our debt further to an LTV in line with our long-term target.

 

"Additionally, we have set aside further funds to make improvements and enhance the attractiveness and quality of core assets with the aim of growing rental income and reducing vacancy rates. We look forward to updating shareholders further on our continuing progress."

 

- ENDS -

 

Enquiries:

 

Regional REIT Limited

 

Press enquiries through Buchanan



ESR Europe Private Markets Limited

Tel: +44 (0) 203 831 9776

Investment Adviser to the Group


Adam Dickinson, Investor Relations, Regional REIT Limited




London & Scottish Property Investment Management 

Tel: +44 (0) 141 248 4155

Asset Manager to the Group


Stephen Inglis




Buchanan Communications

Tel: +44 (0) 20 7466 5000

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 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, 827 tenants as at 21 June 2024, with a valuation of c.£647.8m.

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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