Birmingham listed property group Real Estate Investors has sold a city centre office address just six months after it acquired the building.
Jersey-registered Circle Property Unit Trust has paid £2.5 million for 35-37 Great Charles Street following REI's £1.85 million deal in February to acquire the part-vacant, 24,500 sq ft office building.
REI chief executive Paul Bassi said: "This opportunistic profit reveals a much improved regional property market, in which we continue to receive approaches for assets within our portfolio from a variety of investors, against a backdrop of improved occupancy and the prospects of rising rents.
"This additional cash will allow us to capitalise on our pipeline opportunities, secure additional income and deliver on our progressive dividend policy."
This is the latest in what has been a busy period for the company, led by Paul Bassi, following its relocation to 75-77 Colmore Row, convert to REI status, complete a £45 million placing, acquire £26.8 million of property and sell nearly £10 million of property.
It says it now has a portfolio of more than £100 million in commercial properties with a strategy to invest in well-located, real estate assets in the established and proven markets of central Birmingham and the Midlands.
West Bromwich-based law firm Clark Brookes Turner Cary advised REI on the latest deal while Knight Frank introduced the purchaser.
