Regional REIT sells 30,000 sq ft unit as part of £45m deal
A Scunthorpe commercial unit have been sold by Regional REIT as part of a wider £45m deal.
The firm has offloaded its 30,495 sq ft premises at the Skippingdale Trading Estate.
Other properties in the Regional REIT portfolio to be sold are:
-Commercial Road, Bromborough (126,689 sq ft)
-Manor Road, Erith (35,198 sq ft)
-Mile End Road, Colwick, Nottingham (84,489 sq ft)
-International House, Telford (128,941 sq ft)
-Road 4 Winsford Industrial Estate, Winsford (246,209 sq ft)
-Units A-E Salters Way, Wisbech PE14 0SD (161,036 sq ft)
The company is looking to exit the industrial sector in preference for higher yielding regional office investments.
Stephen Inglis, CEO of London & Scottish Property Investment Management, the asset manager of Regional REIT, said: “The disposal of this industrial portfolio at 18% above the acquisition price enables the recycling of capital into higher yielding assets, where our bespoke asset management platform can best add shareholder value.
“This will also allow the company to continue to focus on its clear strategy of offering investors exposure to a geographically diversified portfolio of regional office assets.
“We look forward to providing a further update regarding the reinvestment of the proceeds from the sale in due course.”