THERE'S a new landlord on Bromsgrove High Street.

Birmingham-headquartered Real Estate Investors has exchanged contracts to purchase retail units in the heart of the town for £1.3m. The properties at 62 to 68 High Street are occupied by Boots Opticians, Thorntons, Loritas Bakehouse and Smart Ideas. They generate a rental income of £114,220.

Paul Bassi, REI chief executive, said: "This is an excellent addition to our portfolio, offering scope to add further value from lease extensions and re-letting of the upper parts and unused ancillary space, which will provide us with capital growth and a strong running yield."

Mr Bassi said that REI's property portfolio is "performing well" and added: "We are seeing an improved regional investment market and we anticipate further sales in the current quarter on properties upon which we have completed our asset management initiatives.We have several ongoing sales and acquisitions in our legal pipeline, with a healthy addition of new lettings and lease renewals from within the existing portfolio, which will enhance rental income and our average lease lengths."