RDI, the real estate investment trust formerly known as Redefine International, has sold City Point in Leeds to the West Midlands Pension Fund for £26.05m.
The 61,379 sq ft office was originally acquired as part of the company’s £21.6m AUK portfolio acquisition in March 2016.
The sale price represents a net initial yield of 5.8%, and a 15.3% premium to the last reported market value. The property delivers an annual rent of £1.6m, with a weighted average unexpired lease term of 3.7 years.
You must be logged in to view premium stories.
Take out a print and online or online only subscription and you will get immediate access to:
To get access to premium content subscribe today
Alternatively REGISTER for a free trial to access up to 4 articles and sign up for email alerts