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Regional REIT sells in Leeds

By James Buckley - Wednesday, February 14, 2018 10:24

London & Scottish Property (LSI), asset manager to Regional REIT, has exchanged contracts with LJ Investments to sell CGU House in Leeds for £9.6m.

The 50,763 sq ft site, which comprises of upper floor office space and ground floor retail, was acquired by LSI in 2013 on behalf of the originating Fund to the Reit. The building was wholly let to Aviva until September 2017 when iyd lease expired and it vacated. The agreed sale price represents a 2.5% increase on the June 2017 valuation.

The sale is due to complete at the end of February 2018.

Stephen Inglis, chief executive of LSI and Director of Regional REIT, said: “Having held CGU House for 4 years with the same tenant, we saw an opportunity when that lease agreement expired, to recycle capital and once again take advantage of the mismatch between what the market will pay and valuation prices.”

jbuckley@costar.co.uk

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