REI makes second purchase in a week
Real Estate Investors (REI) has agreed its second major deal in the West Midlands in less than a week.
It has bought Molineux House in Wolverhampton for £3.58m just days after spending £4m on Topaz Business Park, Bromsgrove.
The Department of Communities and Local Government has recently agreed a new 10-year lease for Molineux House. It is paying an annual rent of £324,000 for the four-storey, 31,935 sq ft property.
The AIM-listed real estate investment trust is focused on the Midlands and believes the site has good long-term potential.
REI chief executive Paul Bassi, who won the 2018 Ambassador award at TheBusinessDesk.com’s Business Masters earlier this year, said: “This latest acquisition provides an undoubted income stream with an attractive initial yield. It also comes with the added benefit of potential in the future to reconfigure the site through development to residential and/or alternative uses.
“We continue to seek to acquire further similar well let, defensive and high yielding investments throughout the Midlands to complement our growing portfolio.”
