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Regional REIT acquires GBP37.5m portfolio

30 December 2015 07:10

Regional REIT has exchanged contracts to purchase five regional assets from a retained Client of La Salle Investment Management for a total consideration of GBP37.5m in an off-market deal.

This is expected to provide a net income of £3.38 million per annum which equates to a yield of 8.25% and is to be funded from the Company's existing resources.

The portfolio consists of four multi let office buildings in Basingstoke, Leeds, Leicester and Manchester and an industrial business park in Beverley.

The assets total circa 703,000 sq. ft and houses around 80 tenants including BNP Paribas, Europcar, HSS Hire, Greater Manchester Police, Grosvenor Casinos and JD Wetherspoons.

The portfolio provides the opportunity to increase value from a solid income basis by way of active asset management to include letting of already refurbished space, refurbishment of unlet space, lease restructuring and securing of alternative uses.

Completion will take place before the end of January 2016.

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Related Company: RGL

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