REI strikes £5m deals in ‘window of opportunity’
PROPERTY investment firm Real Estate Investors has dipped into its war chest again after spending £5.135m on two Midlands properties.
It adds to the £10.45m the Birmingham-based group has already spent this year, which was invested in two properties in Wythall and West Bromwich in March.
It has bought Titan House in Telford, a 33,166 sq ft office building on a business park which is let to Hewlett Packard Enterprise Service UK, and a 15,000 sq ft mixed use development in Nottingham that is currently occupied by Sainsbury’s, Barnardos and Bathstore.
The group, which is listed on the Alternative Investment Market, is focused on the Midlands and has reiterated its belief that it currently has a window of opportunity because of the withdrawal of large investors from the market in the run-up to the EU referendum.
REI chief executive officer Paul Bassi said: “We have taken the opportunity to acquire additional criteria compliant assets during a period of uncertainty created by the European vote.
“We have further assets under offer and we are confident of achieving our contracted rental income and progressive dividend objectives.”
Its rental income is now at £13.4m, up 12.6% since the start of the year, while it says it has a further £500,000 of potential rental income from agreed lettings which are being progressed.
