Grade A facilities change hands

REIT acquires Edinburgh block in £4.5m deal

Lochside WayProperty investor Drum has bought a Grade A office block at Edinburgh Park for £4.5 million.

The 24,000 sq ft building in Lochside Way is home to Lockheed Martin, Exception and GL Industrial Services. The purchase price reflects a yield of 8.5%.

DRIP real estate investment trust has now completed acquisitions valued at £45.7 million, with a further £2.6m worth of deals awaiting shareholder approval, since it was listed on the stock market in May last year.

It raised £31.9m followed by a further £2.8m raised through an initial placing in February which closes in March next year. 

Chairman, John Evans said: “The acquisition of Lochside demonstrates DRIP REIT is continuing to identify property that delivers on our differentiated investment strategy of assets of between £2m and £15m in strong regional locations with opportunities to increase value.

“Our experienced team is focused on the delivery of an asset management strategy that will drive rental growth and maximise additional income opportunities, offering investors an attractive blend of income return and capital growth.”

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