Property investor Drum has acquired an office building at Edinburgh Park for £4.5 million.
3 Lochside Way, previously owned by Aston Property Ventures, spans 24,000 square feet of grade A office and counts DNV GL, the international certification organisation, IT consultant Exception and defence contractor Lockheed Martin among its tenants. The purchase price reflects a yield of 8.5 per cent, Drum said.
The purchase brings to £45.7m the total value of acquisitions by Drum’s real estate investment trust (Reit) since it listed on the London market last year, with a further £2.6m of deals awaiting shareholder approval.
John Evans, chairman of the Drum Income Plus Reit, said the acquisition of 3 Lochside Way comes as the trust continues to seek assets of between £2m and £15m “in strong regional locations with opportunities to increase value”.
He added: “Our experienced team is focused on the delivery of 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.”