Ediston Property Investment Company has made its first move to pull out of office property with the sale of Midland Bridge House in Bath.
The £6m sale equates to a net initial yield of 5.7%. The 18,500 sq ft office block is let to Royds Withy King until March 2029.
The REIT announced plans to sell its office portfolio and reinvest the proceeds in retail warehouses in Q3.
Investment manager Calum Bruce said: “This is the first office sale since we announced our new strategy in Q3. Progress is being made with our other office sales and we are actively looking at reinvestment opportunities. We want to acquire retail warehouse assets which are more suited to our intensive style of asset management.”
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