20th Nov 2013 12:09
LONDON (Alliance News) - West Midlands-based Real Estate Property Investors PLC Wednesday said it has bought a property in Birmingham from Ostrich Ltd for GBP1.8 million in cash.
The city centre building comprises 37a Waterloo Street and 7 Bennetts Hill and is an office block above restaurants. Tenants include WH Ireland Ltd, and the annual total rent is about GBP188,000.
Chief Executive Paul Bassi said the acquisition was a strategic one that would enable it to add value and rental income through lease renewals and rent reviews.
"Alongside our property portfolio throughout the Midlands region, we have now acquired a total of 180,000 square feet across 11 buildings, occupied by 45 tenants, in the Birmingham city centre and surrounding areas during the economic downturn of the last five years. We are now an established Birmingham City centre landlord with a diverse portfolio that has significant asset management opportunities," Bassi said in a statement.
The building directly adjoins an existing REI property on Bennetts Hill.
Real Estate Investors shares were Wednesday quoted at 48.2 pence, down 3.6%.
By Samuel Agini; [email protected]; @samuelagini
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