Schroder Real Estate’s regional office fund is investing £21.8m (€25m) to acquire St James House in Cheltenham.

The Regional Office Property Unit Trust (ROPUT) has agreed to by the 81,731sqft building from Aegon.

Tom Newman, Fund Manager at Schroder Real Estate, said: “Cheltenham has been a target location for ROPUT as a result of its low-Grade A supply, highly skilled workforce and a growing cybersecurity sector due to the influence of GCHQ.”

Newman said St James House offers secure income with good fundamentals that should support future tenant demand and rental growth.

On completion ROPUT will have 17 regional offices offering good fundamentals at affordable rents in strong and undersupplied regional cities and towns, Newman said.

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