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L&SI to manage assets for Regional REIT

Tay HouseTue: London & Scottish Investments, a Glasgow-based investment, development, and property asset management company, has been appointed as asset manager for Regional REIT, a newly-incorporated regional commercial property company which will float on the LSE on Friday.

Regional REIT  invests in the office and industrial sectors in regional centres and urban areas outside London.

The deal will see L&SI manage Regional REIT’s portfolio of 128 primarily office and industrial properties across the UK with a value of of £386 million.

Fifty-one of these are in Aberdeen and Glasgow ((including Tay House, pictured), with a total of 2.5 million square feet of letting area.

Stephen Inglis, chief investment officer and property director for L&SI said: “We have worked very hard to build up the portfolio from zero in June 2013 to 128 assets located throughout the main regions of the UK.

“These cities and regions are showing strong signs of economic growth, resulting in increasing demand for high quality office and industrial space, and at the moment, supply does not meet that demand.

“LSI intends to invest in the refurbishment and improvement of many of the properties we will be managing, which will help address this shortage.”

The FTSE 100 closed up 10.5pts at 6,372.

Standard Chartered slumped after posting a disappointing third quarter and launched a rights issue to strengthen its balance sheet.

Associated British Foods dipped after the owner of Primark reported a 30% slump in pre-tax profit for the year ended 12 September as the company was hit by lower sugar prices and adverse currency moves.

Royal Dutch Shell climbed as it announced it will accelerate the implementation of measures to deal with a prolonged downturn in oil prices once the acquisition of BG Group is complete. BG also rallied on the news.

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