REI takes tenants at B’ham’s Colmore Row

West Midlands-based Real Estate Investors has secured five West Midlands office lettings totalling close to 16,000 sq ft. At 102 – 106 Colmore Row, Bennett’s Hill, in Birmingham city centre REI has signed four lettings on 10- year leases, with reviews after five years. The tenants are: Bigwood Chartered Surveyors, which has taken 2,067 sq ft at £51,675 pa, from 29 September; Advantage West Midlands subsidiary Invest BX, which has taken 2,188 sq ft at £48,136 pa, from June; recruitment consultant Weststaff, which has taken 721 sq ft at £16,000 pa from May this year until May 2012; and Select which has taken 2,169 sq ft at £48,802 pa. The 30,000 sq ft prime city building is now 50% let. REI, which is listed on the junior stock market AIM, bought the building part-let from The Prudential for £6.35m in February this year. REI has also agreed terms for an 8,000 sq ft letting at Avon House, a 26,000 sq ft development in Buntsford Gate, Bromsgrove, which the company bought in March 2007. West Bromwich property entrepreneur Paul Bassi, the largest shareholder in the company, said: “We’ve got some more discussions going on for the rest of the space, but these are all we have agreed at the moment.” REI’s property portfolio is estimated to be worth approximately £28m. Bassi, who joined the REI board last June, increased his stake in the company to 17.5% in June this year. helen.roxburgh@egi.co.uk