Pictured: Gateway House

Quoted Birmingham property group Real Estate Investors plc has launched a £13 million raid to snap up a hat trick of Midland properties.

REI has exchanged contracts to buy three properties for a total of £13.05 million.

In Birmingham REI has acquired Gateway House at 50-53 High Street for £3.850 million from Aviva.

The 27,071 sq ft retail and office building next to Marks & Spencer and near to the Bull Ring shopping centre produces £623,398 per annum from tenants including Arcadia, Randstad and Heart of England Training, National Shelter and Brightsun.

REI has also purchased Southgate Retail Park, Derby, for £4.8 million from TAP Property.

Tenants of the 53,202 sq ft, eight unit retail park include Lidl, Gym 4 All, Dreams and Deeley Properties on a rent roll currently producing £412,074 per annum.

In Leicester, REI is paying Aviva £4.4 million for Peat House, 1 Waterloo Way, Leicester, a prime city centre five floor office building totalling 43,437 sq ft let to KPMG at £510,225 on a lease to June 2015.

The three properties increase the company's total annualised rent roll to £6.11 million, a 50 per cent increase since January 1, 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 our portfolio to in excess of £75 million, and with existing cash and bank facilities, we remain on track to achieve £100 million ownership within the next 6-12 months."

In Birmingham, Aviva were represented by Jones Lang Lasalle, in Derby Cheetham and Mortimer acted for TAP Property, and Jones Lang Lasalle also represented Aviva in Leicester.