23rd Nov 2015 09:06
LONDON (Alliance News) - Property investor Drum Income Plus REIT PLC on Monday said it has struck a deal to acquire a multi-let office in Glasgow for GBP5.8 million.
Monteith House is a prime office development in the centre of the city, with VisitScotland and Skills Development Scotland among the key tenants.
The net initial yield on the acquisition is 7.6%.
"We are pleased to continue the significant momentum that has been created since our IPO, reflecting 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," said Chairman John Evans.
Drum Income shares were untraded on Monday, having last traded at 115.00 pence.
By Sam Unsted; [email protected]; @SamUAtAlliance
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