Drum Income-Plus REIT has bought three UK properties for £19.7m.
It has bought Duluch Park retail park in Dunfermline for £4.5m, office block Mayflower House in Gateshead for 2.7m, and has exchange contracts on the purchase of the £12.3m Gosforth Shopping Centre (pictured) in Newcastle upon Tyne.
The three assets have yields of 7.4%, 9.3% and 7.5% respectively, a combined occupancy of 96% and gross rent receivable of £1.56m.
They are the long-income REIT’s first acquisitions 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, when it raised gross proceeds of £31.9m.
John Evans, chairman, said: “Our team has extensive experience of entrepreneurial and proactive asset management and of creating investments that deliver leading revenue and capital appreciation.
“We intend to follow 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.”
