Regional REIT has spent £26.5m across three new deals in Yorkshire.
The company has bought the circa 59,000 sq ft 1 North Bank in Sheffield for £8.5m; a 31,000 sq ft office at Thorpe Business Park in Leeds for £8.6m; and the 34,000 sq ft 84 Albion Street in Leeds.
The deals reflect net initial yields of 9.2%, 7.1% and 7.7% respectively, with an overall blended net initial yield of 8%.
Stephen Inglis, chief executive of the REIT’s asset manager, London & Scottish Property Investment Management, said the acquisitions were “taking advantage of compelling market conditions for our strategic focus on UK regional offices”.
He added: “The assets also provide us with compelling opportunities to drive further value through asset management activity, while delivering attractive income streams.”
Last month, the company bought offices in Derby, Milton Keynes and Crawley for a combined £48m.
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