RDI REIT said it exchanged contracts for the sale of the City Point office building in Leeds for £26.05m.

The 5,699 square meter officer was originally acquired as part of the company's AUK Portfolio acquisition in March, 2016 for an acquisition price of £21.6m.

In January 2017, RDI let 1,022 square meters to Blacks Solicitors, bringing the asset to full occupancy.

The sale price represented a net initial yield of 5.8% and a 15.3% premium to the last reported market value, the company said.

The geared internal rate of return over the investment period was over 20%, it added.