Payment of Final Capital Entitlement to the ZDPs

RNS Number : 6795M

Regional REIT Limited

10 January 2019

 

10 January 2019

REGIONAL REIT Limited

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

£39.9m Payment of the Final Capital Entitlement to the 6.5% Zero Dividend Preference Shareholders of Regional REIT ZDP plc.

Regional REIT, the UK regional office and industrial property focused real estate investment trust, today announces that its wholly owned subsidiary Regional REIT ZDP plc, has paid c. £39.9m to the holders of the 6.5% Zero Dividend Preference shares for their final capital entitlement, which matured on 9 January 2019.

As announced on 6 December 2018, following payment to the 6.5% Zero Dividend Preference shareholders, the Group's weighted average cost of borrowing, including hedging costs, has reduced to c.3.5% from c.3.8%. In addition, the unexpired average debt term has been extended to c. 7.1 years from c. 6.4 years.

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Enquiries:

Regional REIT Limited
Press enquiries through Headland
Toscafund Asset Management	Tel: [phone]
Investment Manager to the Group
Adam Dickinson, Investor Relations, Regional REIT Limited
London & Scottish Investments	Tel: [phone]
Asset Manager to the Group
Stephen Inglis
Headland PR Consultancy LLP	Tel: [phone]
Financial PR
Francesca Tuckett / Jack Gault

About Regional REIT

Regional REIT Limited (LSE: RGL) is a London Stock Exchange Main Market traded specialist real estate investment trust focused on office and industrial property interests in the principal regional locations of the United Kingdom outside of the M25 motorway.

Regional REIT is managed by London & Scottish Investments, the Asset Manager, and Toscafund Asset Management, the Investment Manager, and was formed by the combination of two existing funds previously created by the Managers as a differentiated play on the expected recovery in UK regional property, to deliver an attractive total return to Shareholders and with a strong focus on income.

The Group's investment portfolio, as at 30 June 2018, was spread across 151 regional properties, 1,294 units and 950 tenants. As at 30 June 2018, the investment portfolio had a value of £758.7m and a net initial yield of 6.4%. The weighted average unexpired lease term to first break was 3.5 years.

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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