Drum Income Plus REIT has announced three acquisitions, for a total consideration of £19.7m. These are the Company’s first acquisitions since it was listed on the Official List of the UK Listing Authority and admitted to trading on the Main Market of the London Stock Exchange on 29 May 2015, raising gross proceeds of £31.9m.
The Company has acquired Duloch Park, a retail park at Turnstone Road, Dunfermline, for a consideration of £4.5m. Key tenants include Barrhead Travel, Pizza Hut Delivery, Greggs, Lloyds Pharmacy, Subway, Betfred and Johnson Cleaners. The purchase price reflects a net initial yield of 7.4%.
The Company has acquired Mayflower House, an office complex in Fifth Avenue Business Park, Gateshead, for a consideration of £2.7m. Key tenants include WorldPay, KCS Datawright and Benfield Motor Group. The purchase price reflects a net initial yield of 9.25%.
Drum has also exchanged contracts to acquire Gosforth Shopping Centre, a retail centre in Newcastle upon Tyne, for a consideration of £12.25m. Key tenants include Boots, Sainsbury’s, WH Smith, Costa Coffee, Virgin Money and Lloyds Bank. The agreed purchase price reflects a net initial yield of 7.5%.
Occupancy across the three acquisitions is 96% and annual gross rent receivable is £1.56m.
DRIP : Drum makes first investments