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Real Estate Investors expands portfolio with £10.5m double deal

Paul Bassi's property group has acquired buildings in West Bromwich and Birmingham

Boundary House in Wythall has been acquired by REI

Birmingham property group Real Estate Investors has acquired two buildings in the West Midlands for £10.45 million.

The listed firm has bought West Plaza in West Bromwich for £8 million from BW Estates.

West Plaza is an 11-storey 87,929 sq ft building next to Metro Court, a 26,000 sq ft office building which Real Estate Investors (REI) acquired in December 2008.

The building is home to an 85-bedroom Premier Inn hotel among other tenants.

REI has also bought Boundary House in Wythall for £2.45 million.

It is a modern, two-storey office building of 21,294 sq ft with 117 car parking spaces, close to junction three of the M42 and fully let to building materials group Grafton.

Since taking the first lease in 2013, Grafton has expanded to occupy the whole building on a current rental of £243,547 per annum.

Chief executive of REI Paul Bassi said: "With REI already owning Metro Court, it made sense to acquire West Plaza and capitalise on the marriage value and residential potential.

"These acquisitions are a quality addition to our portfolio, providing strong rental stream from quality occupiers that will support the company's intention of implementing a progressive dividend policy.

"We have a very healthy pipeline of criteria-compliant additional acquisitions that are either in legals or in advanced negotiations."



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