20th Jul 2016 08:47
LONDON (Alliance News) - Regional REIT Ltd said on Wednesday the value of its property portfolio as of June 30 increased on a like-for-like basis from last year.
The real estate investment trust, specialising in office and industrial property, said the gross asset valuation of its property portfolio as of June 30 was GBP501.3 million, up from the December 31 value of GBP403.7 million. This represents a 1.8% increase on a like-for-like basis. From June 30, 2015, the like-for-like increase was 7.7%.
During the first half of 2016, Regional REIT completed property acquisitions totalling GBP131.1 million and disposals worth GBP41.2 million.
"The group remains confident as to its business outlook for 2016. Our capacity to continue to grow rental income, which supports the dividend to shareholders, reflects both the experience of the management team and the value that can be achieved by its active and intensive asset management approach and in-house capacity," said Stephen Inglis, chief investment officer of asset manager London & Scottish Investments Ltd.
Shares in Regional REIT were up 1.1% at 95.00 pence Wednesday morning.
By Lucy Heming; [email protected]
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