REI doubles its money on sale of Colmore Row offices

BIRMINGHAM-based property investment group Real Estate Investors has sold three West Midlands properties for £9.525m – less than two weeks after a £24.5m shopping spree.
 
The sales include Birmingham business district address 85-89 Colmore Row, which the AIM-listed company has sold to  investment firm Fidelity for £7.85m after originally acquiring it from administrators PWC for £4m in December 2012.
 
Tenants include Chubb Insurance, Malcolm Hollis, FleetMilne, Royal College of Surgeons and Reuben Colley Fine Art.
 
REI has also sold 770-772 Bristol Road, Northfield, for £1.425m and 150 Birmingham Road, West Bromwich, for £250,000.
 
HSBC and West Bromwich Building Society are tenants in the Northfield building.
 
REI chief executive Paul Bassi said: “We have completed our asset management on these properties and have made strategic sales at values significantly above our book value.”
 
Baldev Kang, head of real estate at West Bromwich and Stratford-upon-Avon law firm Clark Brookes Turner Cary, acted for REI.
 
Property consultancy Knight Frank advised REI and FSP acted for Fidelity.

Eleven days ago, REI announced a £25m spending spree.

The listed company splashed out on six investments to enhance its commercial property portfolio in the region. 

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