Property group sells Chinese quarter development

Property group Real Estate Investors (REI) has sold a residential development in Birmingham’s Chinese quarter for £2.7m.

L&C Investments has bought the Latitude development on Bromsgrove Street, which also has 11 retail units fully let.

REI bought the site 10 years ago, acquiring it “off plan” from Taylor Wimpey before it took possession on completion in 2009.

“This latest sale was in excess of our book value and follows on from our non-core sale of properties in Crawley and Norwich in December,” said REI chief executive Paul Bassi.

“Midlands investment property remains positively in demand and so we will continue to make selected sales where our asset management initiatives have been completed.

“We continue to see criteria-compliant acquisitions where our asset management initiatives can add further value.

“The foundation of our near £200m portfolio and the rental income from these properties continues to support our progressive dividend policy.”