– GUERNSEY, Saint Sampson – Regional REIT Limited (LSE:RGL), the UK regional office and industrial property focused REIT, today announces that Mr Martin McKay is to step down as a Director with immediate effect.
Martin McKay has been a Non-Executive Director of the Company from its inception. In this role he oversaw the establishment of Regional REIT Limited as a listed company.
The Board is pleased to confirm the immediate appointment of Mr Tim Bee as a Non-Executive Director of the Company. Tim Bee has also been appointed a Director of Regional REIT ZDP PLC.
Kevin McGrath, Chairman of Regional REIT Limited, commented: “I am very grateful for the valuable support that Martin has provided as a Director of Regional REIT. Tim is already familiar to the Board, having provided advice to the Company and contributed to a range of business projects. We welcome him as a Director as the Board continues to press ahead with the Company’s strategy of active asset management initiatives and opportunistic acquisitive growth.”
About Tim Bee
Tim Bee is the Chief Legal Counsel of Toscafund Asset Management LLP. Tim joined Toscafund in May 2014 having previously been a corporate partner at two leading London-based law firms. He qualified as a solicitor in 1988 and has extensive experience in mergers & acquisitions, equity capital markets and financial services.
About Regional REIT
Regional REIT Limited (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.
Regional REIT is managed by London & Scottish Investments, the Asset Manager, and Toscafund Asset Management, the Investment Manager, 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 Group’s investment portfolio, as at 31 December 2016, was spread across 123 regional properties, 941 units and 717 tenants. As at 31 December 2016, the investment portfolio had a value of £502.4m and a net initial yield of 6.7%. The weighted average unexpired lease term to first break was 3.6 years.
For more information : http://www.regionalreit.com
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