9th Mar 2016 14:53
LONDON (Alliance News) - Real Estate Investors PLC on Wednesday said it has acquired an office building in Birmingham for GBP2.5 million in cash.
The company said the two-storey building comprises 21,294 square feet with 117 car parking spaces. It is located on the south side of Birmingham, close to the M42 and is fully let to builders' merchant Grafton Group.
The property generates an annual rent of GBP243,257, giving the purchase a net initial yield of 9.4%.
"This is an excellent addition to our growing portfolio and provides immediate income at a purchase price that we feel offers good prospects for capital growth," said Paul Bassi, Real Estate Investors' chief executive.
Shares in the company were down 0.4% to 64.25 pence Wednesday afternoon.
By Sam Unsted; [email protected]; @SamUAtAlliance
Copyright 2016 Alliance News Limited. All Rights Reserved.
Related Shares:
REI