RDI sells Leeds office for £26m

Mike Watters

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.

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