Regional REIT acquires six UK offices for £25.9m

Writer, Stock Market Wire
Wednesday, August 21, 2019 - 07:04

Regional REIT said it had acquired a portfolio of six UK office assets for a combined £25.9m.

The offices were located in Birmingham, Bristol, Cardiff, Chester, Glasgow and Manchester.

They had had a total floor space of 172,442 square feet and were expected to provide a net income of around £2.36m per annum from 27 tenants, equating to a net initial yield of 8.87%.

The portfolio's weighted average unexpired lease term was 4.9 years.

The acquired tenant profile is deliberately diversified across both industry type and geography, with no crossover to existing Regional REIT tenants.

The chief executive of asset manager London & Scottish Property Investment Management, Stephen Inglis, said the portfolio was both earnings accretive and would further enhance the diversity and scale of the company's property portfolio.

"There continues to be a significant pipeline of attractive near-term investment opportunities across the UK, for which Regional REIT can utilise its asset management experience and capital resources to provide sector-leading returns for shareholders,' Inglis said.

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