Schroder Real Estate Investment Trust has sold an office block let to BT in West Bromwich for £19.5m.
The 70,000 sq ft Providence Place offices were bought by Schroders in October 2011 for £14.9m.
Schroders will use £10m of the sale proceeds to repay debt.
The company’s net loan-to-value after the debt repayment is 41.2%, based on independent property valuations at 31 December 2011.
Head of property funds Duncan Owen said: “Following the debt repayment, the company will be left with sufficient levels of surplus capital to consider making opportunistic new acquisitions, invest capital expenditure in accretive asset management of the existing portfolio and make possible further debt repayments.”
nick.whitten@estatesgazette.com
