FINANCE: Increased competition in London and the South East has seen McKay Securities refrain from making any acquisitions since October 2014.
The REIT, which had a portfolio valued at £322m at the end of September 2014, said it continues to asses acquisition opportunities but is focused on using capital to develop its existing portfolio.
Projects include an office scheme in Redhill, Reading, and City office 30-32 Lombard Street (pictured) where it will take vacant possession in March.
The Reading and Lombard street developments are expected to be completed in 2018 with the 48,050 sq ft Redhill building ready for mid-2016.
The company believes these will add £4.75m to net income and increase estimated rental values by 19.3%.
Occupancy rates across the McKay portfolio rose to 85.8% from 85.2% in September 2014.
