Regional REIT plans bond issue – Regional REIT has launched an offer of 4.5% sterling bonds due 6 August 2024. The Bonds will pay a fixed rate of interest of 4.5% per annum. Interest will be payable semi-annually in arrears in equal instalments.
The Bonds have a minimum initial subscription amount of GBP2,000 and are available in multiples of GBP100 thereafter.
The Bonds are expected to be listed on the Official List of the UK Listing Authority and admitted to trading on the regulated market of the London Stock Exchange. The Bonds are also expected to be eligible for the London Stock Exchange’s electronic Order Book for Retail Bonds.
Regional REIT (LSE: RGL) is a London Stock Exchange Main Market traded specialist real estate investment trust focused on office and industrial property interests in the principal regional locations of the United Kingdom outside of the M25 motorway. The Issuer is managed by London & Scottish Investments Limited and Toscafund Asset Management LLP and was formed by the combination of two existing funds previously created by the managers as a differentiated play on the expected recovery in UK regional property, to deliver an attractive total return to shareholders and with a strong focus on income.
The investment portfolio, as at 31 December 2017, was spread across 164 regional properties, 1,368 units and 1,026 tenants. As at 31 December 2017, the investment portfolio had a value of GBP737.3m and a net initial yield of 6.5%. The weighted average unexpired lease term to first break was 3.5 years.
UPDATE
Click here to read about the successful bond issue of £50 million
RGL : Regional REIT plans bond issue