Drum Income Plus REIT has announced the acquisition of multi-let office investment Monteith House in Glasgow for a consideration of £5.75m. Monteith House is an office development located in George Square, in the centre of Glasgow, whose key tenants include VisitScotland and Skills Development Scotland. The company says that the purchase price reflects a yield of 7.6%.
The purchase follows the acquisitions, announced on 6 October 2015, of Duloch Park in Dunfermline, Gosforth Shopping Centre in Newcastle-upon-Tyne and Mayflower House in Gateshead for a combined total of £19.7m. The Company has now completed acquisitions valued at £26m (including costs) since listing on the London Stock Exchange on 29 May 2015, raising gross proceeds of £31.9m.
Drum Income Plus REIT purchases Monteith House in Glasgow for £5.75m : DRIP