Oakland House sold in £37m portfolio deal

Regional REIT, a recently listed commercial property company managed by London & Scottish Investments, has acquired a 163,000 sq ft office in Old Trafford, South Manchester, as part of a £37.5m portfolio sold by LaSalle Investment Management.

The off-market deal reflects a net initial yield of 8.25%.

The portfolio is made up of four multi-let office buildings in Basingstoke, Leeds, Leicester and Manchester and an industrial park in Beverley totalling 703,000 sq ft with around 60 tenants.

The building in Manchester is Oakland House in Old Trafford, a 164,000 sq ft office building, which is home to a number of tenants including HSS, the Secretary of State and Police & Crime Commissioner.

Regional REIT was advised by WHR.