Drum Income Plus REIT PLC Acquisition (5078E)
19 July 2016 - 4:00PM
UK Regulatory
TIDMDRIP
RNS Number : 5078E
Drum Income Plus REIT PLC
19 July 2016
To: RNS
From: Drum Income Plus REIT plc
Date: 19 July 2016
Drum Income Plus REIT plc
("Drum" or "the Company")
Purchase of Property
Drum announces the acquisition of 3 Lochside Way, Edinburgh
Park, Edinburgh, for a consideration of GBP4.5 million.
3 Lochside Way is a 24,000 sq ft Grade A office prominently
situated on Central Scotland's premier business park with Lockheed
Martin, Exception and GL Industrial Services as key tenants. The
purchase price reflects a yield of 8.5%.
DRIP REIT has now completed acquisitions valued at GBP45.7
million, (with a further committed transaction for GBP2.6 million
currently subject to shareholder approval), since it was listed on
the Official List of the UK Listing Authority and admitted to
trading on the Main Market of the London Stock Exchange on 29 May
2015, raising gross proceeds of GBP31.9 million. An additional
GBP2.8 million was raised as an Initial Placing following the
publication of a new prospectus in February 2016. The subsequent
12-month placing programme closes in March 2017.
Welcoming the acquisition of 3 Lochside Way, DRIP REIT's
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 GBP2m and GBP15m 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."
ends
For further information please contact:
Drum Real Estate Investment Management
(Investment Manager)
Bryan Sherriff 0131 285 0050
Drum Income Plus REIT Plc
Martin Cassels, Company Secretary 0131 524 6140
Dickson Minto W.S. (Sponsor)
Douglas Armstrong 020 7649 6823
Weber Shandwick (Financial PR)
Conor Magowan 0131 556 6649
Nick Oborne 020 7067 0721
For more information on the Drum Income Plus REIT, visit:
www.dripreit.co.uk
This information is provided by RNS
The company news service from the London Stock Exchange
END
ACQUWRVRNOABAAR
(END) Dow Jones Newswires
July 19, 2016 02:00 ET (06:00 GMT)
Drum Income Plus Reit (LSE:DRIP)
Historical Stock Chart
From Apr 2024 to May 2024
Drum Income Plus Reit (LSE:DRIP)
Historical Stock Chart
From May 2023 to May 2024