11th Nov 2013 16:00
LONDON (Alliance News) - Real Estate Investors PLC said that it has let 21,895 square feet of space at Guardian House in West Bromwich town centre to Sandwell Inspired Partnership Services.
The West Midland-based property group said that its has let the space for a term of 10 years, six months, with a five years and six month break.
It said that the space is being rented for GBP251,793 per annum, equivalent to GBP11.50 per square foot.
Sandwell Inspired Partnership Services is a "not for profit co-operative" formed by the local council and various local schools.
The group also said that its has unconditionally exchanged contracts to acquire 6-16 Bridge Street in Walsall for the sum of GBP500,000.
"Guardian House is an excellent letting that will have a positive impact on our valuations and will most probably recover any loss in valuation absorbed at the half year on this asset," said Chief Executive Paul Bassi in a statement.
Shares in the company were up 13.5% Monday afternoon, at 48.79 pence per share.
By Rowena Harris-Doughty; [email protected]; @rharrisdoughty
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