6th Oct 2014 06:43
LONDON (Alliance News) - West Midlands-based property group Real Estate Investors PLC said Monday it has exchanged contracts for 59-75 Park Street in Walsall, north west of Birmingham, taking its portfolio over GBP100 million in gross assets.
The company has paid GBP7.7 million in cash for the property, which produces rental income of GBP814,312 per year.
"With this latest acquisition, our gross assets now exceed GBP100 million, predominantly acquired during the property and financial market downturn," said Paul Bassi, chief executive of Real Estate Investors.
"I anticipate an excellent year with record gross property assets, contracted rental income and dividend pay-out to our shareholders," Bassi added.
By Sam Unsted; [email protected]; @SamUAtAlliance
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