Blackrock International Land today said it has bought three office buildings totalling 10,530 square metres in Milton Keynes for €37.5 million.
The Fyffes' property company said that the portfolio generates an annual rent of about €2.34 million, providing a net initial yield of 6.2 per cent, which is anticipated to rise to 6.6 per cent on completion of rent reviews.
All three properties are freehold and are fully let, each to publicly quoted companies, with unexpired lease terms of five to eight years, the firm said.
Blackrock said that two of the buildings are in the core business area of Milton Keynes, while the third, beside Willen Lake, is on a 6.5-acre site with "excellent scope for expansion".
Chairman Carl McCann added that the firm was seeking further investment opportunities.