REI opens war chest again to buy Warwick property for £7.25m

ACQUISITIVE Birmingham property group Real Estate Investors has bought a prominent property in central Warwick for £7.25m.
 
It has unconditionally exchanged contracts to acquire Westgate House, located on Market Street in Warwick town centre.
 
The property produces a rent of £631,325 per annum and tenants include Boots, Marks and Spencer, Simply Foods and NHS Property Services.
 
REI’s chief executive Paul Bassi said: “An excellent addition to our portfolio offering scope to add further income from letting void space and re-gearing existing leases, which combined will provide us with capital growth and strong running yield.

“More generally, the company’s portfolio is performing well. We are seeing a substantially improved regional investment market and we anticipate further sales in Q4, on properties upon which we have completed our asset management initiatives.”

Last month Real Estate Investors sold the Cathedral Place office building in central Birmingham to Canada Life for £4.606m.

The deal followed on from a busy May which saw REI buy City Gate House in Leicester, a retail unit in Bromsgrove High Street and the former Sandwell College campus in Smethwick.