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- Custodian REIT purchases Lancaster House, Birmingham, for £6.7m
Custodian REIT has announced the acquisition of Lancaster House (pictured), an office building in Birmingham City Centre for £6.65m. The 39,600 square foot, recently refurbished, building is currently let to 15 tenants with a total passing rent of £505,752 per annum, reflecting a net initial yield of 7.19%. The company has said that there is one remaining refurbished office suit to be let and that they expect that, following letting of this, the yield will rise to 7.64%. The purchase has been funded from the Company’s existing debt facilities. This has increased the company’s loan to value to 18.2%.
Custodian REIT purchases Lancaster House, Birmingham, for £6.7m : CREI