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Invista to acquire West Bromwich commercial property
Invista Foundation Property Trust has announced it is to purchase a pre-let office development in West Bromwich.
The firm will acquire the commercial property for £14.955 million and let it out to BT on a 15-year lease once construction is completed.
Invista will receive £1.2 million per year from the communications giant for the site, with fixed uplifts of 3% per annum applying to the entire period of the lease.
Chief executive of Invista Duncan Owen said that the purchase of the business property "is consistent with the company's strategy to acquire well let and high yielding assets".
He explained that the company has been looking to invest in sites that are "away from currently fashionable areas" in order to ensure it is not paying over the odds for property.
As of December 31st, the majority (46.9 per cent) of Invista's portfolio consisted of office space, with nearly half (47 per cent) of its sites located in the south-east.
The firm will acquire the commercial property for £14.955 million and let it out to BT on a 15-year lease once construction is completed.
Invista will receive £1.2 million per year from the communications giant for the site, with fixed uplifts of 3% per annum applying to the entire period of the lease.
Chief executive of Invista Duncan Owen said that the purchase of the business property "is consistent with the company's strategy to acquire well let and high yielding assets".
He explained that the company has been looking to invest in sites that are "away from currently fashionable areas" in order to ensure it is not paying over the odds for property.
As of December 31st, the majority (46.9 per cent) of Invista's portfolio consisted of office space, with nearly half (47 per cent) of its sites located in the south-east.
Tue, 23rd Feb 2010