An investment trust has snapped up a portfolio of four office buildings in a £27.7 million deal it described as a significant transaction.
Regional REIT , which has office and industrial property assets, is acquiring sites in Redhill, Harefield, Bristol and High Wycombe from an institutional investor.
The assets total 131,036 sq ft. and are expected to provide a net income of £2.59 million a year from 24 tenants.
Stephen Inglis, chief executive of Glasgow-based London & Scottish Property Investment Management which manages the trust’s assets, said: "We are pleased to have acquired this institutional quality office portfolio in southern England which is earnings accretive and offers significant potential opportunities for realising valuation uplifts from our asset management initiatives.
“We continue to methodically employ our bottom-up research approach to each acquisition, as we deploy the recently successfully raised funds. In light of the increasingly attractive pipeline we look forward to updating shareholders of further acquisitions in due course."
