Drum Income Plus REIT has announced that it has exchange of contracts to purchase Lakeside 5500 (pictured), a multi-let office development, in Cheadle, Manchester, for £5.475m. the company says that key tenants Micron Europe Limited and Agilent Technologies LDA UK Limited and that the purchase price reflects a yield of 7.82%.
Drum Income Plus REIT listed on the Main Market of the London Stock Exchange on 29 May 2015, raising gross proceeds of £31.9 million. Following the recently announced acquisitions of Monteith House in Glasgow (announced 23 November 2015), and of Duloch Park in Dunfermline, Gosforth Shopping Centre in Newcastle-upon-Tyne and Mayflower House in Gateshead (announced 6 October 2015) the company has now completed acquisitions of £30.5m (excluding costs). As such, the company is now effectively fully invested.
Drum Income Plus REIT acquires Lakeside 5500 in Cheadle, Manchester for £5.5m : DRIP