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RDI sells Leeds office building for £26m
Real estate investment trust RDI on Tuesday said it had exchanged contracts for the disposal of the City Point office building in Leeds to West Midlands Pension Fund for £26.05m.
The sale price represented a net initial yield of 5.8% and a 15.3% premium to the last reported market value. The geared internal rate of return over the investment period was more than 20%, RDI said.
The 5,699 sqm (61,379 sqft) office was originally acquired as part of the company's AUK Portfolio acquisition in March 2016 for £21.6m.
"The disposal is in line with RDI's stated strategy of recycling capital out of mature assets and into new growth opportunities," the company said in a statement.