SCOTTISH Metropolitan Property has completed its disposal of investments in the South of England to concentrate its resources on Scotland and the North.
The Glasgow-based property company yesterday announced the sale of three properties on the outskirts of London and one in Birmingham for a total of #9.7m. This was #950,000 more than their book value.
Together, these office blocks and shops generated a net rental income of #860,000 per year.
Managing director Scott Cairns said: ''The intention is to reinvest these proceeds, alongside available bank facilities, in major retail and industrial investment opportunities in Scotland and the North of England.''
''Certainly by the end of our financial year, which is August 15, we are hoping to make further acquisitions,'' he added.
The flagship in ScotMet's #260m property portfolio is the Waverley shopping centre on Edinburgh's Princes Street, for which it paid #48m.
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