Real Estate Investors, the AIM-listed property group based in the West Midlands, has acquired three properties for a total of £13.05 mln (EUR 15 mln) in cash.

The properties, located in the Midlands, produce a total current rent of £1.55 mln, representing an initial yield of 11.84%.

The properties include Southgate Retail Park, Derby - a 53,202 sq. ft., eight unit retail park which was acquired for £4.8 mln from TAP Property; Peat House in Leicester - a prime city centre 43,437 sq. ft., office building let to KPMG, and acquired for £4.4 mln from Aviva; and Gateway House in Birmingham - a 27,071 sq. ft. retail and office building, next to Marks & Spencer and near to the Bullring retail centre, also acquired from Aviva for £3.85 mln.

The company’s total annualised rent roll now stands at £6.1 mln, a 50% increase since 1 January 2011.

Paul Bassi, Chief Executive of REI, said: 'These properties are prime, high quality ex-institutional assets that provide good rental income and significant scope for asset management initiatives that will enhance capital values. These new acquisitions take the value of our portfolio to in excess of £75 mln and, with existing cash and bank facilities, we remain on track to achieve a portfolio of £100 mln within the next six to twelve months.'