Acquisition and sale announced by Real Estate Investors
BIRMINGHAM property group Real Estate Investors (REI) has announced an acquisition and a disposal – deals worth close to £4m in total.
It has bought 24 Bennetts Hill in central Birmingham for £2.06m and sold land in Bilston for £1.875m.
24 Bennetts Hill is an office building with ground floor restaurant and bar. Tenants at the property include Punch Taverns, Specsavers and Zapaygo. The Sun on the Hill pub is on the ground floor.
The news follows last week’s announcement that REI had let the 6,600 sq ft ground floor of the former original Midland Bank building at 33 Bennetts Hill to Loungers Ltd, who will open a Birmingham branch of The Cosy Club café bar there in the Spring.
REI says it also secured a number of lease completions prior to the year-end which will contribute to the company achieving record contracted rental income.
Paul Bassi, chief executive of REI, said: “These transactions, coupled with our conversion to a Real Estate Investment Trust (REIT) as of 1st January 2015, and a secure and stable property portfolio, leave REI well positioned to grow our rental income and continue with our progressive dividend policy throughout 2015.”
Last week REI announced its assets had topped £100m for the first time.
In the latest acquisition property agency Bond Wolfe acted on behalf of Blue Square Commercial. ESN Solicitors acted for the vendor and Freeths Solicitors for the buyer.
