REI buys another Birmingham office building
ACQUISITIVE Birmingham property group Real Estate Investors (REI) has bought another office building in the city centre.
It has paid £1.85m for 35-37 Great Charles Street, Birmingham, which is close to the Paradise Forum redevelopment.
The building is part let, producing £214,709 p.a. and tenants include National Governors’ Association, Children’s Liver Disease Foundation, Allianz Management Services and Northern Marine Underwriters.
Paul Bassi, chief executive, of REI, said: “This acquisition is an excellent addition to our city centre portfolio, located at the heart of the city centre regeneration and adjoining existing REI property.
“This building offers the opportunity to add value from new lettings and lease renewals in an improved office occupier market.
“Additionally, we have recently agreed new banking facilities, secured against some of our unencumbered assets. These facilities allow us to negotiate a number of further criteria investments, with cash funds, which we hope to secure and announce in H1 2015.”
In January REI announced the acquisition of 24 Bennetts Hill in central Birmingham for £2.06m.
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.
