13th Apr 2015 06:42
LONDON (Alliance News) - Development Securities PLC on Monday said it has acquired a development site in Greenwich, London for GBP5.3 million.
The acquisition has been made by Development Securities' Cathedral Group subsidiary, acquired in 2014, and covers a three-acre site in Greenwich. It is currently occupied by a building materials group with nine years left on the lease.
The purchase price reflects a net initial yield of 4.4%, Development Securities said.
"Over the past year, we have disposed of a number of mature assets from within our investment portfolio, reinvesting into new opportunities where we see growth potential. Today's acquisition continues this process and adds to our portfolio a well-located investment asset with a secure long-term income stream with future redevelopment potential," said Development Securities Executive Director Richard Upton.
By Sam Unsted; [email protected]; @SamUAtAlliance
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