Regional REIT’s portfolio value has dropped by almost £90m after “one of the most challenging years for REITs in recent memory”.
The portfolio of 144 properties was valued at £700.7m, down from the previous year’s valuation of £789.5m, including a like-for-like fall of 5.9%.
Stephen Inglis, chief executive at the REIT’s investment manager, London and Scottish, said: “2023 was one of the most challenging years for REITs in recent memory and Regional REIT was not immune from the macro-economic difficulties faced by the sector. Whilst valuations have been impacted… active asset management initiatives continued to mitigate some of the impact on the portfolio.”
The REIT disposed of £26.1m of offices during the year.
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