Drum Income Plus REIT PLC Acquisition (5078E)

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RNS Number : 5078E

Drum Income Plus REIT PLC

19 July 2016

To: RNS

From: Drum Income Plus REIT plc

Date: 19 July 2016

Drum Income Plus REIT plc

("Drum" or "the Company")

Purchase of Property

Drum announces the acquisition of 3 Lochside Way, Edinburgh Park, Edinburgh, for a consideration of GBP4.5 million.

3 Lochside Way is a 24,000 sq ft Grade A office prominently situated on Central Scotland's premier business park with Lockheed Martin, Exception and GL Industrial Services as key tenants. The purchase price reflects a yield of 8.5%.

DRIP REIT has now completed acquisitions valued at GBP45.7 million, (with a further committed transaction for GBP2.6 million currently subject to shareholder approval), since it was listed on the Official List of the UK Listing Authority and admitted to trading on the Main Market of the London Stock Exchange on 29 May 2015, raising gross proceeds of GBP31.9 million. An additional GBP2.8 million was raised as an Initial Placing following the publication of a new prospectus in February 2016. The subsequent 12-month placing programme closes in March 2017.

Welcoming the acquisition of 3 Lochside Way, DRIP REIT's Chairman, John Evans said:

"The acquisition of Lochside demonstrates DRIP REIT is continuing to identify property that delivers on our differentiated investment strategy of assets of between GBP2m and GBP15m in strong regional locations with opportunities to increase value.

"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."

ends

For further information please contact:

 
 Drum Real Estate Investment Management 
  (Investment Manager) 
  Bryan Sherriff                             0131 285 0050 
 Drum Income Plus REIT Plc 
  Martin Cassels, Company Secretary          0131 524 6140 
 Dickson Minto W.S. (Sponsor) 
  Douglas Armstrong                          020 7649 6823 
 Weber Shandwick (Financial PR) 
  Conor Magowan                              0131 556 6649 
  Nick Oborne                                020 7067 0721 
 

For more information on the Drum Income Plus REIT, visit: www.dripreit.co.uk

This information is provided by RNS

The company news service from the London Stock Exchange

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July 19, 2016 02:00 ET (06:00 GMT)