Commercial property investor Regional REIT (RGL) announced a sixth acquisition in a week on Wednesday and more are expected thanks to its £40 million war chest.

Shares moved 2.3% higher to 103.8p on news of an office building in Basingstoke becoming latest addition to its portfolio following a £3 million deal.

The real estate investment trust floated on 6 November and will use the remaining proceeds from the £80 million raised in the initial public offering (IPO) to buy office and industrial properties located outside of the M25.

Web - Regional REIT - 06 Jan 2016

The Basingstoke property will generate 12.48% of the purchase price in rent each year, or £396,000, until 2020 when its lease expires.

Regional REIT agreed to buy five properties at the end of last month (30 Dec) for £37.5 million, which will take the number of assets in its portfolio to 134 if the deal closes when expected at the end of the month.

Issue Date: 06 Jan 2016