Regional REIT buys £27.7m office portfolio

Regional REIT has exchanged contracts to acquire a portfolio of four office assets for £27.7m. The portfolio, sold by an unnamed UK institutional vendor, comprises four multi-let offices in Redhill, Harefield, Bristol and High Wycombe. The assets total 131,036 sq ft and are expected to provide a net income of approximately £2.59m per annum from 24 tenants, equating to a net initial yield of 8.7% and an anticipated reversionary yield of 9.7%. The portfolio’s weighted average unexpired lease term is 3.1 years with 5.4 years to expiry. Stephen Inglis, chief executive of London & Scottish Property Investment Management, the asset