Regional REIT Ltd - real estate investment trust focused on UK office and industrial property assets - Completes purchase of Beeston Business Park in Nottingham for GBP16.4 million. Site comprises 220,274 square feet of internal space. The tenants include Metropolitan Housing Trust, Worldwide Clinical Trials Ltd and Heart Internet Ltd, and rent of around GBP1.5 million per year reflects a net initial yield of 10.1%.
"We are delighted that the company has made a further accretive acquisition, which has been partially funded by recycled sales proceeds. To acquire such a high quality and income producing asset management opportunity is quite an achievement in the current market environment," says Stephen Inglis, chief executive of London & Scottish Property Investment Management Ltd, the asset manager.
Current stock price: 79.80 pence
Year-to-date change: down 30%
By Lucy Heming;Â lucyheming@alliancenews.com
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Regional Reit (RGL)