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Regional REIT makes 'strong progress' on lettings during Q2
(Sharecast News) - Regional property specialist Regional REIT said on Monday that it had made "strong progress" on lettings and disposals during the three months ended 30 June. Regional REIT said that during the quarter it had exchanged six notable leases to new tenants totalling 69,067 square feet and amounting to £700,000 per annum of rental income when fully occupied, achieving an average rental uplift of 11% against December 2023 ERVs.
The London-listed firm also said a further seven leases had been renewed, amounting to 47,000 square feet and £600,000 of rental income per annum.
In terms of sales, Regional REIT said it had made three disposals in the quarter, plus one part sale, with sales proceeds coming to a total of £6.9m before costs, reflecting a net initial yield of 9.6%.
Chief executive Stephen Inglis said: "During the quarter we were pleased to achieve further progress in the group's letting activity and disposal programme, with £700,000 of additional notable rental income from new leases and £6.9m generated from recent disposals.
"As announced on 18 July 2024, the successful capital raise of £110.5m ensures the repayment of the retail bond, facilitate the further reduction of the LTV to 40.6%, and will provide for accretive capital expenditure on assets for the long term."
As of 1020 BST, Regional REIT shares were down 3.56% at 122.0p.
Reporting by Iain Gilbert at Sharecast.com
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