Regional REIT has positive outlook for 2023
Regional REIT, the regional office specialist said the outlook for regional property was positive for the rest of 2023.
In a trading update to the stock market this morning (24 May 20230, Stephen Inglis, CEO of London & Scottish Property Investment Management, the Asset Manager of Regional REIT said: “We have yet again achieved strong rent collection for the quarter, with EPRA occupancy remaining stable and encouraging levels of enquiries from prospective customers, though we are not immune from inflationary cost pressures.
“We continue to implement our capital expenditure programme, refurbishing and enhancing our existing assets.
“During the period, new lettings and renewals were above the 31 December 2022 estimated rental values by 7.3% and 11.7% respectively. A positive sign that demand from customers continues despite the challenging economic environment.”
The business has a portfolio of 154 properties, 1,567 units and 1,080 tenants, totalling c. £792.4m of gross property assets; with a gross rent roll of c. £71.0m a year.
Finance business Assetz SME Capital has signed an extension to its lease on offices near Manchester Airport at a rental income of £272,600 pa (£18.25/ sq. ft.) on 14,937 sq. ft. of space.
