Real Estate Investors has announced the acquisition of three properties located in the West Midlands for £22.23m. The acquisitions provide a net initial yield of 8.22% with a weighted average unexpired lease term (‘WAULT’) of 8.49 years. The properties produce a total annual rental income of £1,932,995 and the company says that there are a number of asset management opportunities including rent reviews, lease renewals and planning consent.
The company has also advised that it has sold Arden House in Acocks Green, a vacant 20,000 sq ft office building, for a cash consideration of £760,000. The proceeds of the disposal will be used for further acquisitions in due course and for the Company’s general working capital purposes.
Real Estate Investors acquires three West Midlands properties for £22.23m : RLE