Regional REIT completes £110.5m equity raise

Regional REIT has completed a £110.5m equity raise. The deal was approved by shareholders yesterday, and will let the company repay its £50m retail bond as well as reduce bank borrowing and cut its LTV to 56.8%. The raise was fully underwritten by Bridgemere Investments, part of Redrow founder Steve Morgan’s Bridgemere group of companies. Morgan said: “Regional REIT is a business that is very familiar to us and we’re pleased to have been able to underwrite this significant capital raise. The Bridgemere group of companies were cornerstone investors in Tosca Commercial II, which in November 2015 became Regional REIT. “The company has excellent quality assets in great locations but it was clear the business needed an injection of funds. The transaction represents an important turning point for Regional REIT.”