TIDMRGL
RNS Number : 6984P
Regional REIT Limited
11 October 2023
11 October 2023
REGIONAL REIT Limited
("Regional REIT", the "Group" or the "Company")
Appointment of ARA Europe as Investment Adviser
Regional REIT (LSE: RGL), the regional office specialist, is
pleased to announce that with immediate effect ARA Europe Private
Markets Limited ("ARA Europe"), has been appointed as the Company's
investment adviser, having acquired this role from Toscafund Asset
Management LLP*.
ARA Europe is part of the ESR Group, Asia-Pacific's largest real
asset manager with approximately US$150 billion AUM, and the
largest sponsor and manager of REITs in the region with a total AUM
of approximately US$45 billion. The development and investment
management platform has more than 2,000 people, extending across 28
countries; and thereof, ARA Europe manages over one million sq. m.
of predominately office and logistics assets across the UK,
Germany, France, Spain and Ireland with a team of over 140 people
providing in house acquisition, development, finance and asset
management functions.
The acquisition of the investment adviser role by ARA Europe
follows the 13 April 2023 announcement that ARA Europe REIT Manager
Ltd. had acquired a majority shareholding in London & Scottish
Property Investment Management, the Asset Manager, with Stephen
Inglis retaining a significant interest.
The Board believes the appointment of ARA Europe will enhance
the overall strength and capabilities of the both the investment
and asset manager to the benefit of the Company's long-term
strategy. Both the management agreements are to continue on the
existing terms to November 2026.
Kevin McGrath, Chairman of Regional REIT commented:
"The Board welcomes the appointment of ARA Europe and looks
forward to working closely with an experienced and well-resourced
team, whilst ensuring the services and operational performance
received to date are maintained."
Stephen Inglis, Non-Executive Director of Regional REIT and CEO
of London & Scottish Property Investment Management, the Asset
Manager, commented:
"We are delighted to confirm ARA Europe's appointment today and
believe the Company will benefit from such an experienced and
well-resourced manager. Whilst the investment management
responsibilities are moving to ARA Europe, the day-to-day
management of the Company will remain unchanged and there will be
no disruption to the running of Regional REIT during the
transition."
*Toscafund Asset Management LLP will continue to act as the
alternative investment fund manager ("AIFM") and provide the
relevant regulatory services to the Company until an affiliate of
ARA Europe has acquired its own regulatory permissions, which is
expected to be in early 2024, when the new affiliate will become
the AIFM and provide the relevant regulatory services to the
Company in place of Toscafund.
- ENDS -
Enquiries:
Regional REIT Limited
Press enquiries through Buchanan
Investor Relations Tel: +44 (0) 20 7845 6100
Adam Dickinson
London & Scottish Property Investment Management Tel: +44 (0) 141 248 4155
Asset Manager to the Group
Stephen Inglis
Buchanan Communications Tel: +44 (0) 20 7466 5000
Financial PR
Charles Ryland, Henry Wilson, George Beale
Further information:
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES
OF ARTICLE 7 OF REGULATION (EU) NO. 596/2014, WHICH FORMS PART OF
UK LAW BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018.
On publication of this announcement via a Regulatory Information
Service, the inside information contained herein is now considered
to be in the public domain. The person responsible for arranging
this announcement on behalf of the Company is Megan Freeman, for
and on behalf of Link Company Matters Limited, Company
Secretary.
About Regional REIT
Regional REIT Limited ("Regional REIT" or the "Company") and its
subsidiaries (the "Group") is a United Kingdom ("UK") based real
estate investment trust that launched in November 2015. It is
managed by London & Scottish Property Investment Management
Limited, the Asset Manager, and Toscafund Asset Management LLP, the
Investment Manager.
Regional REIT's commercial property portfolio is comprised
wholly of income producing UK assets and comprises, predominantly
of offices located in the regional centres outside of the M25
motorway. The portfolio is geographically diversified, with 150
properties, 1,038 occupiers as at 30 June 2023, with a valuation of
c.GBP752.2m.
Regional REIT pursues its investment objective by investing in,
actively managing and disposing of regional core and core plus
property assets. It aims to deliver an attractive total return to
its Shareholders, targeting greater than 10% per annum, with a
strong focus on income supported by additional capital growth
prospects.
The Company's shares were admitted to the Official List of the
UK's Financial Conduct Authority and to trading on the London Stock
Exchange on 6 November 2015. For more information, please visit the
Group's website at
www.regionalreit.com .
Cautionary Statement
This document has been prepared solely to provide additional
information to Shareholders to assess the Group's performance in
relation to its operations and growth potential. The document
should not be relied upon by any other party or for any other
reason. Any forward looking statements made in this document are
done so by the Directors in good faith based on the information
available to them up to the time of their approval of this
document. However, such statements should be treated with caution
due to the inherent uncertainties, including both economic and
business risk factors, underlying any such forward-looking
information.
ESMA Legal Entity Identifier ("LEI"): 549300D8G4NKLRIKBX73
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END
MSCFLFSDIELILIV
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October 11, 2023 02:00 ET (06:00 GMT)
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