Birmingham-based Real Estate Investors plc (REI) has paid £1.8 million cash for another strategic commercial property purchase in Birmingham city centre.
The AIM-listed property investment company has acquired 37a Waterloo Street and 7 Bennetts Hill, Birmingham.
The property is a city centre listed building with ground floor restaurant and upper part offices, producing £188,000 per annum. Tenants include W H Ireland Ltd, Triton Global Ltd and MVA Consultancy Ltd.
The building directly adjoins an existing REI property on Bennetts Hill.
Chief executive Paul Bassi said: “This property is a strategic addition to our portfolio that offers the opportunity to add value and rental income through Lease renewals and rent reviews.
“Alongside our property portfolio throughout the Midlands region, we have now acquired a total of 180,000 sq ft across 11 buildings, occupied by 45 tenants, in the City centre and surrounding areas during the economic downturn of the last five years.
“We are now an established Birmingham City centre landlord with a diverse portfolio that has significant asset management opportunities.”
