Regional REIT disposes of Juniper Park – Regional REIT (RGL) has announced it has completed on the sale of Juniper Park, Basildon for £32.7m. This disposal reflects an uplift of 59.4% from the acquisition price, including subsequent capital expenditure, and 3.9% above the 30 June 2020 valuation.
About Juniper Park
Juniper Park is a 277,760 sq. ft. multi-let industrial, warehouse, and office park located in Basildon, Essex. RGL purchased Juniper Park in March 2016 for £20.1m. RGL says that, having completed a clear plan of value creation at the site of asset management initiatives, which included new lettings, lease extensions and lease renewals – all with high quality tenants, a significant increase in capital value has been realised.
Comments from Stephen Inglis, Chief Executive Officer of London & Scottish Property Investment Management Limited
“This disposal is a further example of our experienced asset manager executing Regional REIT’s strategy of disposing of a property once its individual business plan has been achieved. The disposal delivered a significant uplift of 59.4% in value, the result of clearly improving the quality of the asset’s income streams leading to a substantial uplift in capital value.”
About Regional REIT
Regional REIT is a London Stock Exchange main market listed real estate investment trust, which has been listed on the LSE since November 2015. RGL owns a portfolio of office and industrial properties in UK regional markets, located outside of the M25 motorway. RGL is managed by London & Scottish Property Investment Management Limited, the Asset Manager, and Toscafund Asset Management LLP, the Investment Manager.