Schroder Real Estate Investment Trust has exchanged unconditional contracts to sell The Arc, a 44,602 sq ft office in Nottingham, in a £13m deal.
The disposal price represents a 39% premium to the 31 December 2021 independent valuation of £9.35 million.
Situated on the edge of Nottingham city centre, the company acquired The Arc in August 2018. The asset produces a net rent of £622,210 per annum.
Nick Montgomery, fund manager of SREIT, said: “This sale demonstrates our ability to leverage the expertise of sector specialists to generate strong returns for shareholders.
“Having completed our business plan for this well located asset, we see attractive opportunities to redeploy the capital which, alongside the company’s pipeline of ongoing asset management activity, should support SREIT’s ambition to deliver a progressive and sustainable dividend.”
