Regional office specialist Regional REIT has disposed of the Marston Business Park in Wetherby for a total of £8.6m.
Regional REIT said on Friday that it had exchanged and completed on the sale of the Marston Business Park, a multi-let industrial and business park. After capital expenditure, the firm stated the disposal reflected a 36.5% uplift from the acquisition price and was at a 4.9% premium to the asset’s valuation on 31 December 2020, with a net initial yield of 7.2%.
Stephen Inglis, chief executive of London & Scottish Property Investment Management, Regional REIT’s asset manager, said: “This disposal is part of our previously announced portfolio reorganisation programme to dispose of our industrial properties which have met their individual asset plans, with the purpose of recycling the capital into higher yielding regional office properties.
“We look forward to providing an update of the use of the proceeds from this successfully agreed sale in due course.”
As of 0955 BST, Regional REIT shares were up 0.49% at 86.62p.
