Letting up:27 Jan 2016 07:07
the Birmingham based property group and UK listed Real Estate Investment Trust, announces a successful letting at Peat House in Leicester City Centre. Bellrock FM has leased 21,715 sq ft on a new 10 year lease at £282,295 net p.a., the building is now almost fully let producing £494,130 p.a., other tenants include KPMG and Weightmans Solictors with an ERV of £562,835.
During 2015 contracted rents have risen to £11.9m at the year end, up 54.5% (2014: £7.7m).
Additionally, the Company has agreed a new £30m, 5 year term loan facility with Royal Bank of Scotland, on an interest only basis at a margin of 1.75% over LIBOR, secured against part of the Company's unencumbered property portfolio.
Paul Bassi, CEO of REI said "Our contracted rents have seen excellent growth during 2015, and with our acquisition pipeline and improvement in occupier demand, we anticipate further growth during 2016, which will firmly support our commitment to continue to grow our dividend payment.
"The new bank facilities, together with existing cash, provide the capital to secure properties from our known pipeline, and grow our portfolio to in excess of £200m during 2016, subject to opportunistic sales."