Real Estate Investors sells 24 Bennetts Hill Birmingham – Real Estate Investors has announced the sale of 24 Bennetts Hill, Birmingham for a cash consideration of GBP4.00 million, which is a premium to book valuation and represents a 5.90% net initial yield. The investment property was acquired by the company in December 2014 for GBP2.06 million. Lambert Smith Hampton acted for Real Estate Investors.
Peat House letting
Real Estate Investors has also completed a major letting of 14,291 square feet in Peat House, Leicester, a prime city centre office building. The building is now fully occupied and producing a total rental income of GBP573,466 per annum with occupiers including everythingbranded.co.uk, Bellrock FM, Innes England and KPMG.
Paul Bassi, CEO of Real Estate Investors, commented: “We are delighted to complete this sale having added significant value through asset management, and our Peat House asset is now fully let which completes an excellent year of activity where we have been active as a buyer, seller and transacted significant lettings. We have achieved a record occupancy throughout the portfolio of 95%, which will provide the foundation for further dividend growth in line with the company’s stated progressive dividend policy. Our market reputation, available capital and banking facilities, will allow the company to capitalise on market opportunities in 2018 and continue to grow our property portfolio.”
RLE : Real Estate Investors sells 24 Bennetts Hill Birmingham