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Regional REIT collects 92.4% of rent for 2020

Regional REIT rent collection rises to 92.8%

Regional REIT collected 92.4% of rent for 2020, the company said in a market update.

This increases to 95.5% when agreed monthly payments and collection plans are accounted for. This, it said, was in line with the 96.9% of rent collected at the same point for 2019.

A breakdown of the quarterly rent collection rates for 2020 show it collected (or has payment plans in place) for 99.2% for the first quarter, 97.4% for the second, 97.2% for the third and 88.7% for the fourth (which is in line with the equivalent date in 2019 when 88.8% had been collected).

Lettings progress

Recent lettings by the company have secured £1m of annual rent. These include:

A new 117,523 sq ft lease with Albea Creative UK at its industrial unit at Commercial Road, Bromborough. The new 10-year lease, with a break option at year five, has been agreed for a rent of £543,720 per year.

Two office lettings at Oakland House, Old Trafford, Manchester, with AM London Ltd and Please Hold (UK) Ltd for a combined 27,316 sq ft of space and £281,529 per annum.

Three new leases at Finneston Business Park  for a total of 4,919 sq ft and £84,171 per annum.

A new lease at Altens Industrial Estate in Aberdeen for 9,653 sq ft for a rent of £65,000 per year.

An office letting at Arena Point, in Leeds, for 4,067 sq ft and £61,050 per annum.

Regional REIT announced last year that it would solely focus on regional office assets following an internal review, which would see it sell all of its industrial and retail assets.

RGL : Regional REIT collects 92.4% of rent for 2020

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