Regional REIT buys office portfolio – Regional REIT has exchanged contracts to acquire a portfolio of four office assets for a total consideration of GBP27.7million from a UK institutional vendor, with completion expected by the end of October.
The portfolio comprises four multi-let offices located in Redhill, Harefield, Bristol and High Wycombe. The assets total circa 131,036sq. ft. and are expected to provide a net income of approximately GBP2.59 million per annum from 24 tenants; equating to a net initial yield of 8.7% and anticipated reversionary yield of 9.7%. The portfolio’s weighted average unexpired lease term is 3.1 years and 5.4 years to expiry.
RGL : Regional REIT buys office portfolio