Mon, 02/06/2014 - 11:29
RO Real Estate, the UK commercial property investment and development company, has completed the sale of a 47,400 square foot mixed-use property in Rochester, Kent.
RO has sold Vaillant House, Trident Close, its part-office, part-industrial property, to Brookshire Capital for GBP1.575 million.
The disposal is part of RO’s ongoing strategy to reposition its portfolio by carrying out a rolling disposal programme and recycling the proceeds for reinvestment in core income and value-add opportunities in the south east.
RO has already disposed of GBP6.6 million of its non-core assets and acquired GBP8.6 million of high-quality properties in the south east, including Persimmon House, a 22,101 sq ft office building in Weybridge.
RO Real Estate will continue this programme throughout 2014 and it still has a significant amount of cash to reinvest on lot sizes between GBP2m and GBP5m, which offer the opportunity to add value through active asset management.
Richard Bourne, head of RO Real Estate, says: “This disposal will help improve the quality and performance of our portfolio, as we use the cash resources to acquire assets which will offer secure income and long term growth potential.”
RO Real Estate was advised by Watson Day. Brookshire Capital LLP was unrepresented.
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