REI swoops for East Mids sites
Commerical properties in Derby and Leicester have been snapped up by Real Estate Investors (REI) as part of a £13m acquisition drive.
The purchases were part of a trio of deals completed by the Birmingham-based property company.
Southgate Retail Park in Derby was bought from TAP Property for £4.8m. The eight-unit retail outlet totals 53,202 sq ft and currently produces £412,074 per annum from tenants including Lidl, Gym 4 All, Dreams and Deeley Properties.
Leicester's Peat House on Waterloo Way was also purchased by the company for £4.4m. The city centre building, which spans five floors, totals 43,437 sq ft. It is let to accountancy firm KPMG at £510,225 per annum on a lease to June 2015. The property was acquired for £4.4m from Aviva.
Paul Bassi, chief execuitve of REI, said: "These properties are prime, high quality ex-institutional assets that provide good rental income and significant scope for asset management initiatives that will enhance capital values.
"These new acquisitions take the value of our portfolio to in excess of £75m and, with existing cash and bank facilities, we remain on track to achieve a portfolio of £100m within the next six to 12 months."
REI also purchased Birmingham's Gateway House to complete the trio.
