Regional REIT has secured seven new lettings and eight lease renewals across its portfolio.
Notable transactions include True Potential signing for the 22,363 sq ft Gateway House and extending its current lease at the adjacent 32,221 sq ft Newburn House in Newcastle, and at Trueman House, Capitol Park, the company has let 10,297 sq ft on a 10-year lease to an unnamed tenant.
The transactions deliver a total annual rental income of more than £1.6m and represent a 6.32% increase above estimated rental values.
Stephen Inglis, head of ESR Europe LSPIM, asset manager, said: “This letting activity underscores the effectiveness of our capital expenditure strategy, securing rents above ERV. The lease renewals also announced today reflect the quality of our existing properties and strong relationships with our occupiers.
“As demand continues to grow for sustainable, well located and high quality regional office space, and given the diminishing supply, Regional REIT is well-positioned to harness this momentum and deliver lasting value for shareholders, including the distribution of our attractive and fully covered dividend.”
