Regional REIT, the office and industrial property-focused real estate investment trust, has announced the acquisition of three UK office properties with the support of Royal Bank of Scotland’s Real Estate Finance team in Scotland.
Royal Bank of Scotland has increased Regional REIT’s existing finance facility from £19 million to £34 million to support the trust’s purchase of more than 208,000 sq. ft. of regional office space comprising the 54,390 sq. ft. Clearblue Innovation Centre, Bedford, the 129,000 sq. ft. International House, Telford, and the 27,000 sq. ft. Courtyard in Macclesfield.
The acquisitions follow a further 197,000 sq ft of office acquisitions completed in January this year which were also supported by Royal Bank of Scotland. These assets were located in Edinburgh, Cheshunt and Woking.
As at 30 December 2017, Regional REIT’s investment portfolio comprised 164 properties which were valued at £737.3 million.
Stephen Inglis, Chief Executive Officer of London & Scottish Investments, the Asset Manager of Regional REIT, said: “Since listing in 2015, Regional REIT has established a strong track record in the real estate market. These acquisitions will allow the REIT to further build on that momentum and respond to the ongoing demand from the market for attractive space at good value for occupiers. Once again, we are grateful for Royal Bank of Scotland’s support. They have developed a deep understanding of our business and are able to structure and transact at considerable pace whilst maintaining high levels of professionalism at all times. We look forward to working with them on future transactions.”
Jamie Drummond, Relationship lead at Royal Bank of Scotland Real Estate Finance, said: “Regional REIT has continued to be active in the market sourcing good quality acquisitions at value. It has been able to quickly establish itself as a key player in the UK real estate market due to the strength of its senior leadership team which has generated strong ongoing investor support. We look forward to working with management in the period ahead to help unlock their further ambitions for the business.”
