A Scottish property manager said it is looking at a “very substantial pipeline of acquisition opportunities” after the sale of an industrial estate.
Real estate investment trust Regional REIT, whose assets are managed by Glasgow-based London & Scottish Property Investment Management (LSPIM) has struck a deal to sell the Tokenspire Business Park in Beverley for £11.1 million.
The sale represents an increase in value of more than 30% over what it paid to acquire the estate in 2016.
Since then, LSPIM has increased occupancy at the 24 acre estate from 73.8% to 94.3% and rental income has increased by 24% to £829,000,
Stephen Inglis, chief executive of LSPIM, said: "We have maximised shareholder returns by selling an asset we have completed the business plan on into a competitive attractive market for multi-let industrial properties.
“We have a very substantial pipeline of acquisition opportunities and we will be recycling the proceeds of this sale into assets offering asset management initiatives, rental growth potential and thus higher future returns".
