Regional REIT, a United Kingdom based real estate investment trust, has sold Juniper Park, industrial and office property in Basildon for £32.7m.
This disposal reflects an uplift of 59.4% from the acquisition price, including subsequent capital expenditure, and 3.9% above the 30 June 2020 valuation, said the company in a statement.
Regional REIT purchased the 277,760 sq. ft. multi-let industrial, warehouse, and office property in Basildon in March 2016 for £20.1m.
“This disposal is a further example of our experienced asset manager executing Regional REIT’s strategy of disposing of a property once its individual business plan has been achieved. The disposal delivered a significant uplift of 59.4% in value, the result of clearly improving the quality of the asset’s income streams leading to a substantial uplift in capital value,” said Stephen Inglis, Chief Executive Officer of London & Scottish Property Investment Management Limited, the Asset Manager.