UK-listed Regional REIT has agreed to sell a 158,546sqft retail warehouse in Scotland to an undisclosed buyer.

Regional REIT said it is selling The Point Trade & Retail Park, Hamilton Hill, Glasgow for £14.1m (€16m).

The property was acquired in 2013 and comprises 11 individual units let on 10 separate leases. The sale price represents an uplift of 5.6% against the 31 December 2017 valuation, Regional REIT said.

Stephen Inglis, the chief executive officer of London & Scottish Investments, the asset manager said: “This sale is another example of how Regional REIT looks to take advantage of opportunities to recycle capital on properties which have met their individual asset plans.

“Over the last five years, we have applied our strategy of active asset management at The Point, creating a fully let and stabilised property with robust rental streams. This has resulted in us achieving strong pricing from an institutional purchaser, and given us an excellent opportunity to realise returns.”

The deal is expected to be completed in early July.

 

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