22nd Dec 2015 11:39
LONDON (Alliance News) - Drum Income Plus REIT PLC on Tuesday said it has agreed to acquire Lakeside 5500 in Cheadle, Manchester, for GBP5.5 million, reflecting a yield of 7.82%.
Lakeside 5500 is a prime multi-let office development. Micron Europe Ltd and Agilent Technologies LDA UK Ltd are tenants.
The exchange of contracts follows Drum's acquisition of Monteith House in Glasgow, and of Duloch Park in Dunfermline, Gosforth Shopping Centre in Newcastle-upon-Tyne and Mayflower House in Gateshead for a total of GBP26.0 million.
"We are maintaining the significant momentum that has been created since our initial public offering in May 2015, securing a prime property in the north west of England. Lakeside is an ideal fit for our stated focus on commercial property assets in strong regional locations that offer an attractive yield as well as identifiable asset management and risk controlled development opportunities," Drum Chairman John Evans said.
The real estate investment trust joined the London Stock Exchange in May, when it raised GBP31.9 million in its IPO.
Shares in Drum Income REIT were untraded on Tuesday at 115.00 pence, above the 100p pricing of its IPO.
By Samuel Agini; [email protected]; @samuelagini
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