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PRIVACY
Commercial Property

Real Estate Investors spends £5m on pair of properties

Birmingham-based property group continues to add sites to its growing portfolio

Paul Bassi's Real Estate Investors has spent £5m acquiring two new properties

Listed Birmingham property firm has spent more than £5 million adding a further two sites to its portfolio.

The firm has acquired Titan House in Telford and Commodore Court in Nottingham.

Titan House is on Euston Park close to junction five of the M54 and comprises 33,166 sq ft of modern office accommodation over four floors with 103 car parking spaces.

The property is let to Hewlett Packard with more than four years remaining and a current rental income of £270,000.

The second purchase is north of Nottingham city centre and comprises a prominent mixed use development which incorporates three retail units occupied by Sainsbury's, Banardos and Bathstore.

The property produces a rental income of £216,710 per year. Together, the two buildings were acquired for £5.13 million.

Real Estate Investors' chief executive Paul Bassi said: "We have taken the opportunity to acquire additional criteria compliant assets during a period of uncertainty created by the European vote.

"We have further assets under offer and we are confident of achieving our contracted rental income and progressive dividend objectives.