Significant expansion

Significant expansion

Drum Property Group’s set for significant UK expansion following the flotation of a new Real Estate Investment Trust (REIT) on the London Stock Exchange.

The Drum Income Plus REIT, which has raised £31.9m on flotation, will target commercial property assets in strong regional locations across the UK. Shares will target a gross dividend yield of 5% on the issue price once fully invested.

The company, set up by managing director Graeme Bone in 2004, has enjoyed a steady growth specialising in the creation of large development schemes and the construction and redevelopment of buildings across the UK, with a portfolio currently valued in excess of £1bn.