Schroder Real Estate Investment Trust has struck a deal to sell a Nottingham office scheme.
The REIT said it would offload the 44,602 sq ft Arc for £13m, a 39% premium to its December valuation of £9.35m and reflecting a net initial yield of 4.5%. Schroder REIT bought the building, on the edge of the city centre, in 2018.
The building produces an annual net rent of £622,210 with a WAULT of 1.7 years.
Fund manager Nick Montgomery said: “Having completed our business plan for this well-located asset, we see attractive opportunities to redeploy the capital, which, alongside the company’s pipeline of ongoing asset management activity, should support SREIT’s ambition to deliver a progressive and sustainable dividend.”
Discover which agents are transacting the most space in Nottinghamshire >>
To send feedback, e-mail tim.burke@eg.co.uk or tweet @_tim_burke or @EGPropertyNews
