19th Jul 2016 09:27
LONDON (Alliance News) - Drum Income Plus REIT PLC said on Tuesday it bought an Edinburgh property for GBP4.5 million.
The property, 3 Lochside Way, is a 24,000 square foot Grade A office situated in an Edinburgh business park. The purchase price reflects a net initial yield of 8.5%.
The commercial property investment fund said it has invested GBP45.7 million in property since being listed on the London Main Market last year.
"The acquisition of Lochside demonstrates DRIP REIT is continuing to identify property that delivers on our differentiated investment strategy of assets of between £2m and £15m in strong regional locations with opportunities to increase value," said John Evans, chairman of Drum Income Plus
Shares in Drum Income Plus were untraded Tuesday morning, having last traded at 104.00 pence.
By Lucy Heming; [email protected]
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