25th Nov 2019 16:38
(Alliance News) - Regional REIT Ltd said Monday it has made further lettings across its portfolio, amounting to GBP486,491 per annum.
The first letting was for Century Way in Thorpe Park, Leeds, where the final remaining 10,550 square feet of space was let to Marlow Foods Ltd, which trades as meat substitute food producer Quorn Foods. The lease is for a ten-year term at a headline rent of GBP211,600 per annum.
At 9 Portland Street, Manchester, two leases have been renewed for existing occupiers, Simard Ltd - which operates UK-based Gourmet Society and Taste Marketing Ltd, which provides the restaurant discount card known as Tastecard.
Both leases are for ten years, at a revised combined rental of GBP207,091 per annum.
Finally, in the Templeton business centre in Glasgow, a 5,746 square feet office has been let to Cornerstone Community Care for five years at a headline rate of GBP68,000 per annum.
The Templeton property is almost fully let, with just 7,204 square feet left to fill.
"Demand continues to be strong for our assets and we are very encouraged by the rental rates that we are able to achieve which once again are significantly ahead of our expected rental values. This further demonstrates that we are witnessing rental growth in our portfolio across all of the major UK regions," said Stephen Inglis, chief executive officer of asset manager London & Scottish Property Investment Management.
"The acquisition pipeline remains very healthy and we will update shareholders as we continue to invest the proceeds from the earlier in the year equity raise and the recycling of capital from sales," Inglis added.
Shares in Regional REIT closed 0.4% lower at 106.40 pence on Monday in London.
By Dayo Laniyan; [email protected]
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