31st Aug 2021 12:08
Regional REIT LTD - real estate investment trust focused on UK offices outside London - Acquires a portfolio of 31 assets across the UK from Squarestone Growth for GBP236 million. The deal will be paid in 84.2 million new shares at 98.6 pence, GBP76.2 million in additional borrowings and GBP76.7 million from existing cash.
"The board's expectation is for the acquisition to be earnings accretive, with significant additional value being achieved over the coming years from the company's active management initiatives. The acquisition will also add further significant scale and diversification to the company's portfolio to the benefit of all shareholders," company says.
The portfolio is made up of 27 office assets providing over 1.6 million square feet for 192 tenants; 2 industrial units with 3 tenants; a residential asset with 12 tenants; and a Tim Horton's Drive-Thru restaurant for a single tenant. The portfolio is located entirely outside of the M25, with 78% in England; 17% in Scotland; and the remaining 5% in Wales.
Current stock price: 90.00 pence
Year-to-date change: up 9.1%
By Paul McGowan; [email protected]
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