Real Estate Investors Plc (REI), the UK’s only Midlands-focused Real Estate Investment Trust, have today announced the completion of nearly £10 million worth of commercial property across the midlands.
Boasting a diverse portfolio of 1.59 million sq ft of investment, REI today revealed that it completed a series of unconditional exchanges, including the sale of an Aldi supermarket in Bearwood, Edgbaston for £5.350 million.
Additionally, REI also sold vacated offices at 315-317 & 319 High Street, West Bromwich for £625,000, City Gate House in Leicester for £2.6 million, and land at Coseley, West Midlands for a minimum of £1.150 million – with the latter having a potential additional £350,000, subject to the completion of a local authority grant application by the purchaser, Countryside Properties PLC.
Upon completion of all the deals, the total disposal is worth £9.725 million, while REI has only lost rent of £457,500 per annum from the sales.
Commenting on the sales, Paul Bassi, CEO of REI, said: “We are delighted to announce these sales at values at or above our December 2019 year-end valuation.
On completion, the sale proceeds will be used to reduce the Company’s gearing, allowing us to keep existing cash and bank facilities available to make strategic acquisitions.
We have identified further assets that could be considered for sale and have experienced a rise in investor demand for certain resilient assets within our portfolio, along with increased occupier demand for our out of town office portfolio.”