RDI £26m disposal in Leeds – RDI the UK real esrate investment trust (REIT) has exchanged contracts for the disposal of City Point in Leeds for £26.05 million.
The property, which has been acquired by West Midlands Pension Fund, delivers total gross annualised rental income of £1.6 million with a WAULT of 3.7 years.
According to LDI “the 5,699 sqm (61,379 sqft) office was originally acquired as part of the Company’s AUK Portfolio acquisition in March 2016 for an acquisition price of £21.6 million with over 17% vacancy. In January 2017, RDI let 1,022 sqm (11,000 sqft) to Blacks Solicitors LLP, bringing the asset to full occupancy. The sale price represents a net initial yield of 5.8% and a 15.3% premium to the last reported market value. The geared internal rate of return (‘IRR’) over the investment period was over 20%”
LDI : RDI £26m disposal in Leeds