Real Estate Investors plc (REI), the Birmingham-based property group, has announced its first major acquisition since announcing record annual profits and the doubling of its dividend a week ago.
REI has bought Lunn Poly House Parade in the town centre of Leamington Spa, Warwickshire, for £2.35 million in cash.
The property produces a rental income of £262,300 per annum and tenants include Thomas Cook Retail Ltd, TUI UK Ltd, Sharps Bedrooms Ltd and Hammonds Furniture Ltd.
REI has also announced that it has let approximately 7,451 square feet of space at Guardian House, West Bromwich, on a new ten year lease, with five yearly rent reviews to Clark Brookes Turner Cary Solicitors at a rental of £81,961 per annum.
Chief executive Paul Bassi said: “We have a strong acquisition and letting pipeline and we will announce a number of deals in the coming months.
“Lunn Poly House is an excellent addition to our growing regional portfolio and the letting to Clark Brookes Turner Cary Solicitors further reveals signs of a significantly improved occupier market.”