17th Feb 2015 08:35
LONDON (Alliance News) - Real Estate Investors PLC Tuesday said it has unconditionally exchanged contracts to acquire 35-37 Great Charles Street in Birmingham for GBP1.85 million.
The 24,500 square foot city centre office is part let, producing GBP214,709 per annum. Tenants include National Governors' Association, Children's Liver Disease Foundation, Allianz Management Services Ltd and Northern Marine Underwriters Ltd.
Chief Executive Paul Bassi said there is scope for the company to add value from new lettings and lease renewals in an "improved" office occupier market.
"Additionally, we have recently agreed new banking facilities, secured against some of our unencumbered assets. These facilities allow us to negotiate a number of further criteria investments, with cash funds, which we hope to secure and announce in the first half of 2015," Bassi said.
Real Estate Investors shares were trading flat at 64 pence on Tuesday.
By Samuel Agini; [email protected]; @samuelagini
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