UK REIT Development Securities has completed the acquisition of a portfolio of five office properties in North London.
UK REIT Development Securities has completed the acquisition of a portfolio of five office properties in North London.
The portfolio was purchased for £17.5 mln (€21 mln), financed partly with a new three-year facility from Barclays Bank.
The five office properties are located in North London, including locations in King's Cross, Camden and Highbury and Islington.
The package, comprising a total of 66,800 sq ft (6,200 m2) of office accommodation, generates £676,000 of annual rent representing a 3.65% yield, with vacancy rates at 35%.
'The acquisition announced today is a strong addition to our development and trading portfolio and supports our activities in fringe Central London locations which offer growth potential and benefit from good transport links,' said Matthew Weiner of Development Securities.
He added: 'The portfolio presents a number of opportunities to create value, with options for asset enhancement or change of use in the medium term whilst improving income in the near term.'
