StockMarketWire.com - Regional REIT, the UK regional office and industrial property focused REIT, increased the like-for-like value of its property portfolio by 2.6% in 2017.

The gross investment property portfolio was £737.3m compared with £502.4m the year before.

The REIT made acquisitions of £228.1m (before costs) with an average net initial yield of around 7.9%.

Disposals totalled £16.9m net, at net initial yields of 6.3%.

The operating profit before gains and losses of property assets and other investments was £36.4m (31 Dec 2016: £29.9m) while the profit before tax was £28.7m (31 Dec 2016: £13.4m), with rental income of £52.3m (31 Dec 2016: £43.0m).

Stephen Inglis, chief executive officer of London & Scottish Investments Limited, the asset manager, said: "It has been a very active period for the group. During our second full year as a listed entity, we acquired three major portfolios, successfully raised funds in a difficult market, improved our debt terms, and strengthened our management team and regional network. All this while continuing to offer shareholders one of the best yields in the sector. This momentum demonstrates our commitment and belief in the strategy laid out at IPO. Whilst we remain alert to increasing economic uncertainty we remain confident in the strength of our business model."


At 8:08am: [LON:RGL] Regional Reit Limited share price was +0.65p at 98.25p



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