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(Alliance News) - Regional REIT Ltd said Wednesday it has acquired a portfolio of six UK office assets for GBP25.9 million in total.
Each office is located in the cities of Birmingham, Bristol, Cardiff, Chester, Glasgow and Manchester.
The assets comprise 172,442 square feet, and are expected to provide net income of GBP2.4 million per annum from 27 tenants, equal to a net initial yield of 8.9%.
"We are delighted to have secured this portfolio of assets which is both earnings accretive and will further enhance the diversity and scale of our property portfolio. There continues to be a significant pipeline of attractive near-term investment opportunities across the UK, for which Regional REIT can utilise its asset management experience and capital resources to provide sector-leading returns for shareholders," said Stephen Inglis, CEO of asset manager London & Scottish Property Investment Management.
Shares in the UK regional-focused property investor were up 0.2% at 103.96 pence on Wednesday.