REI sells prime city centre office for £4m
Real Estate Investors(REI), the property group headed by Stourbridge tycoon Paul Bassi, sold one of its prime Birmingham city centre locations for £4 million, almost doubling its money in three years.
The AIM-listed business has sold 24 Bennetts Hill, Birmingham, to Dunmore. The investment property was acquired by the company in December 2014 for £2.06 million.
The announcement follows the recent news that REI had also completed a major letting of 14,291 sq ft in Peat House, Leicester, a prime city centre office building.
That building is now fully occupied and producing a total rental income of £573,466 per annum with occupiers including everythingbranded.co.uk, Bellrock FM, Innes England and KPMG.
REI chief executive Paul Bassi, said: “We are delighted to complete the sale having added significant value through asset management and our Peat House asset is now fully let which completes an excellent year of activity where we have been active as a buyer, seller and transacted significant lettings.
“We have achieved a record occupancy throughout the portfolio of 95%, which will provide the foundation for further dividend growth in line with the company’s stated progressive dividend policy.
“Our market reputation, available capital and banking facilities, will allow the company to capitalise on market opportunities in 2018 and continue to grow our property portfolio,” he said.