Regional REIT sells 85,000 sq ft Nottingham unit as part of £45m deal
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Two Midlands industrial units have been sold by Regional REIT as part of a wider £45m deal.
The firm has offloaded its 84,489 sq ft unit on Mile End Road in Colwick, Nottingham, and the 128,941 sq ft International House in Telford to ARA Dunedin.
Other properties in the Regional REIT portfolio to be sold are:
– Commercial Road, Bromborough (126,689 sq ft)
– Manor Road, Erith (35,198 sq ft)
– Skippingdale Trading Estate, Scunthorpe (30,495 sq ft)
– Road 4 Winsford Industrial Estate, Winsford (246,209 sq ft)
– Units A-E Salters Way, Wisbech (161,036 sq ft)
The deal as the company looks to exit the industrial sector in preference for higher yielding regional office investments.
Stephen Inglis, CEO of London & Scottish Property Investment Management, the asset manager of Regional REIT, said: “The disposal of this industrial portfolio at 18% above the acquisition price enables the recycling of capital into higher yielding assets, where our bespoke asset management platform can best add shareholder value. This will also allow the Company to continue to focus on its clear strategy of offering investors exposure to a geographically diversified portfolio of regional office assets.
“We look forward to providing a further update regarding the reinvestment of the proceeds from the sale in due course.”business