StockMarketWire.com - Regional REIT has exchanged contracts to buy the Rainbow Portfolio for GBP80m from Northwood Investors. The portfolio produces a net yield of 8.2% at a capital rate of only £70 per sq.ft., well below replacement cost.
The portfolio comprises 12 assets, five offices and seven industrial sites totalling 1.15m sq.ft. and geographically spread throughout the UK in major regional urban areas including Bristol, Manchester, Cardiff, Sheffield and the West Midlands. Tenants include Clerical Medical, Equitable Life, Invensys, Vanguard Logistics, Schenker, Veolia and FMC Technologies.
Story provided by StockMarketWire.com
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