Regional REIT, the UK regional office and industrial property focused real estate investment trust, has exchanged and completed on contracts to purchase and eight-strong portfolio for £31.4m.
The portfolio comprises eight offices located in Hull, High Wycombe, Stockton-on-Tees, Ipswich, Clevedon, Wakefield, Deeside and Lincoln. The assets total circa 275,000 sq. ft., let to 24 tenants.
The assets are expected to provide a net income of approximately £2.81m pa, which equates to a net initial yield of 8.66%.
The assets, acquired from M7 Real Estate, are expected to provide a net income of approximately £2.81m pa, which equates to a net initial yield of 8.66%.
John Murnaghan, head of UK real estate at M7, said: “While the portfolio has been under our ownership for a relatively short time, following the completion of a number of lettings and lease renewals and having received an off-market approach from Regional REIT and the team at London & Scottish Investments Limited, who we know well and have worked with before, we are pleased to be able to crystallise this investment ahead of plan.”
