Dwyer have exchanged contracts to buy a portfolio of properties from the Mountjoy Group for a total consideration of £11.35m — their largest acquisition to date.
The portfolio is made up of an equal proportion of office and shop properties, throughout London and the South East, with some properties in Blackpool, Edinburgh and Birmingham.
Dwyer are to pay £7.35m in cash and the remainder of the price will be raised by the issue of 2m new ordinary shares at £2 each. Rental income from the portfolio is £824,000 pa and the initial yield of 7.25% is expected to exceed 10% within 18 months.
Ascot Property advised Dwyer.
