REI completes sale of Birmingham office building

BIRMINGHAM-based property group Real Estate Investors has completed the £2.5m sale of 36 Great Charles Street in the city centre to Circle Property Unit Trust.
 
REI only acquired the part-vacant office building in March this year for £1.85m.

REI chief executive Paul Bassi said: “This opportunistic profit reveals a much improved regional property market, in which we continue to receive approaches for assets within our portfolio from a variety of investors, against a backdrop of improved occupancy and the prospects of rising rents.

“This additional cash will allow us to capitalise on our pipeline opportunities, secure additional income and deliver on our progressive dividend policy.”

The disposal came as the AIM-listed business said it would be releasing its unaudited half year results to June 30 during the week commencing September 14.

The period saw REI move to prestigious offices based at 75/77 Colmore Row,  convert to REIT status, complete a successful £45m placing, acquire £26.8m of property, sell nearly £10m of property and receive the prestigious Listed Business of the Year at TheBusinessDesk.com’s 2015 West Midlands Business Masters Awards.

It has a portfolio of over £100m in commercial properties with a strategy to invest in well-located, real estate assets in the established and proven markets of central Birmingham and the Midlands, with income and capital growth potential, realisable through active portfolio management, refurbishment, change of use and lettings.

West Bromwich-based law firm Clark Brookes Turner Cary advised REI on the latest deal while Knight Frank introduced the purchaser.

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