StockMarketWire.com - Regional real-estate investment specialists Regional REIT Limited said it had sold its Sheffield office building for £8.8m, reflecting net yield of 6.6% and an increase of 24.8% compared with its December 2018 valuation.
Aspect Court was purchased in 2016 for £6.3m, following which various asset management initiatives were undertaken, increasing the length of leases and rental income.
The total rental income for the property had increased to £620,000, representing an uplift of some 18% from acquisition.
"The company has a very substantial pipeline of potential acquisitions and we have already identified and agreed terms to recycle the capital achieved from this sale," said Stephen Inglis, Chief Executive Officer of London & Scottish Property Investment Management, the Asset Manager who sold the building on behalf of Regional REIT.
Story provided by StockMarketWire.com
Shares Magazine
Shares is the leading weekly publication for retail investors. It is packed with investment ideas, news and educational material to help build and run portfolios and get more from your money.
Investor Events
Shares puts on free Investor Events throughout the year across the country. They provide an opportunity for investors to learn more about companies on the stock market and hear from a range of investment experts including fund managers and Shares journalists.