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LONDON (Alliance News) - Regional REIT Ltd on Friday said it agreed to sell a business park in Beverly, North England, for GBP11.1 million.
The real estate investment trust said the sale price for the Tokenspire Business Park represents a 31% uplift on the price at which it was purchased in March 2016.
"This is a further example of achieving excellent results by utilising our unique management platform to undertake a pre-agreed business plan," Stephen Inglis, chief executive of Regional REIT asset manager, said..
He added: "We have maximised shareholder returns by selling an asset we have completed the business plan on into a competitive attractive market for multi-let industrial properties."
The company plans to use the proceeds from the sale to fund its "substantial" pipeline of acquisition opportunities.
Regional REIT shares were trading 0.2% higher at 109.00 pence each.