Birmingham based property group, Real Estate Investors Plc (REI) has unconditionally exchanged contracts to complete the acquisition of 35-37 Great Charles Street in a £1.85 million deal.
The 24,500 sq ft office building is close to the new Paradise Forum development and at the heart of Birmingham’s new City Centre Masterplan.
The property is currently part let to tenants including Allianz Management Services, the National Governors Association, the Children’s Liver Disease Association and Northern Marine Underwriters Limited, generating an income of £214,709 per year.
Chief Executive of REI Paul Bassi has over 30 years’ experience in the West Midlands property market, and is pleased with the purchase.
“This acquisition is an excellent addition to our city centre portfolio, located at the heart of the city centre regeneration and adjoining existing REI property.
“This building offers the opportunity to add value from new lettings, lease renewals, in an improved office occupier market.
“Additionally, we have recently agreed new banking facilities, secured against some of our unencumbered assets.
“These facilities allow us to negotiate a number of further criteria investments, with cash funds, which we hope to secure and announce in H1 2015.”
REI, which was established in 2004, has a multi-million pound property portfolio principally in the West Midlands and central England. Its Birmingham assets include a number of prominent Colmore Row office buildings.
