Real Estate Investors has acquired three new properties in a trio of deals totalling more than £2 million with up to £20 million due to be spent in the coming months.
The Birmingham-based firm, run by property entrepreneur Paul Bassi, has acquired the WH Smith unit in Bromsgrove for £500,000, the former Sandwell College campus in Smethwick for an undisclosed sum and City Gate House, in Leicester, for £1.8 million.
The Bromsgrove address is let until June 2017 at an annual rent of £52,000 while City Gate House is occupied by HM Revenue and Customs until August 2024, with a tenant break in 2021, at a rent of £157,000.
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The former Sandwell College campus covers circa six acres and is ready for residential development.
REI chief executive Paul Bassi said: "These latest acquisitions bring our spend to £8 million plus so far this year.
"We have a number of further acquisitions in our pipeline that will see over £20 million invested in a number of opportunities that meet our criteria.
"Additionally, in the first half of 2014, we have secured new lettings totalling £300,000 rental per annum and added new tenants to our portfolio including HSBC, WH Smiths, Royal College of Surgeons and Clark Brookes Turner Cary Solicitors."
He said the commercial property investment marketplace was now substantially improved and the resident market across the region was extremely buoyant which was expected to continue for the foreseeable future.
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"It is notable that we have received interest in a number of our properties that were acquired during the downturn, at levels above our book value and we will consider disposals either individually or as a portfolio," he added.
"Land prices are now significantly higher and we are seeing aggressive and competitive purchasers entering the marketplace for residential development and conversion opportunities."
Last month, REI for £1.5 million and in March the company announced and its intention to convert to a real estate investment trust.
It now has just over 700,000 sq ft across 51 buildings with 153 tenants.