Regional REIT to acquire four office assets for a combined £27.7m

Writer, Stock Market Wire
Friday, October 18, 2019 - 07:26

Regional REIT said it had exchanged contracts to acquire a portfolio of four office assets for a combined £27.7m from a UK institutional vendor, with completion expected by the end of October.

The portfolio comprised multi-let offices located in Redhill, Harefield, Bristol and High Wycombe.

They totalled about 131,036 square feet and were expected to provide a net income of about £2.6m per annum from 24 tenants; equating to a net initial yield of 8.7% and anticipated reversionary yield of 9.7%.

The portfolio's weighted average unexpired lease term was 3.1 years and 5.4 years to expiry.

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