(Alliance News) - Regional REIT Ltd on Friday said it has exchanged contracts to acquire a portfolio of four office assets for GBP27.7 million from an undisclosed UK institutional vendor.
The Beckenham, London-headquartered real estate investment company said it expects completion by the end of the months.
The portfolio comprises four multi-let offices located in Redhill, Harefield, Bristol and High Wycombe, Regional REIT said. The assets total 131,036 square feet and are expected to provide a net income of GBP2.6 million per annum from 24 tenants.
"We are pleased to have acquired this institutional quality office portfolio in southern England which is earnings accretive and offers significant potential opportunities for realising valuation uplifts from our asset management initiatives," said Stephen Inglis, Chief Executive of London & Scottish Property Investment Management, the asset manager of Regional REIT.
We continue to methodically employ our bottom up research approach to each acquisition, as we deploy the recently successfully raised funds. In light of the increasingly attractive pipeline we look forward to updating shareholders of further acquisitions in due course," added Inglis.
Regional REIT shares were trading flat on Friday in London at 105.29 pence each.
By Evelina Grecenko; evelinagrecenko@alliancenews.com
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Regional Reit (RGL)