Singapore-based global real asset manager ARA Asset Management has acquired a majority shareholding stake in Regional REIT’s asset manager, London & Scottish Property Investment Management.
Regional REIT is a United Kingdom-based real estate investment trust that launched in November 2015.
It is managed by London & Scottish Property Investment Management Limited, the asset manager, and Toscafund Asset Management LLP, the investment manager.
”The board understands that following the change of ownership of the asset manager, all the asset manager’s staff will remain unchanged, including Stephen Inglis as CEO of the asset manager and there will be no disruption to the services provided to Regional REIT. Furthermore, the board believes the transaction will enhance the overall strength and capabilities of the asset manager to the benefit of the company’s long-term strategy,” said the REIT in a statement.
Kevin McGrath, chairman of Regional REIT commented: “With the existing dedicated asset management team and the day-to-day operating parameters remaining unchanged, shareholders can be reassured that in the longer term, the board believes the access to the resources of a large global real estate platform will strengthen the asset manager, while preserving its unique regional expertise.
”The board looks forward to the continued services and performance that our shareholders have received to date.”
Regional REIT’s commercial property portfolio is comprised wholly of income producing UK assets and comprises, predominantly of offices located in the regional centres outside of the M25 motorway. The portfolio is geographically diversified, with 154 properties, 1,076 occupiers as at 31 December 2022, with a valuation of c.£789.5m.
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