[RLE] It would not surprise me in the least if not one but two substantial shareholders went head to head for control of this co first is Caledonian Proprties PLC the other is Paul Bassi. With a property portfolio far in excess of its current market cap. My suspicions are that the current share price offers up good value.
announce that it is has exchanged contracts (subject to local searches) to acquire Kingston House, West Bromwich for £3.1 million in cash, representing a yield in excess of 11%.
The property is currently fully let and is producing rental income of approximately £365,000 per annum. The principal tenant is Sandwell Primary Care Trust (Secretary of State), representing a rental of £250,000 per annum, expiring in July 2019.
Commenting on the acquisition, Paul Bassi, Chief Executive of REI, said, "We believe that this latest acquisition is an excellent addition to our rapidly growing portfolio of income generating properties."
announces that, yesterday, it received detailed planning consent for eight three bedroom semi detached homes at their recently acquired former public house, Hill Tavern, Dudley, West Midlands.
This now takes REI's total residential plots to over 40 from former public houses, development sites acquired.
Commenting on the approval, Paul Bassi, Chief Executive of REI, said, "We will continue to acquire opportunistic residential sites that we believe represent real value to REI, giving us the potential to either resell for healthy profits or develop the sites for retention, providing REI with favourable yields and rental."
[RLE] This West Midlands based property group, announces that over the six months ended 30 June 2011, contracted rents have increased 12% to £4.547 million per annum (31 December 2010: £4.062million per annum). Current Estimated Rental Value is approximately £5.753 million per annum. New tenants include Pertemps Employment Alliance and Bank of Scotland (Halifax).
The Company's asset management objectives have been achieved at properties in Chingford, in north east London, and Wakefield, Yorkshire. Let to Tesco and Bank of Scotland, respectively, both are to be sold and are currently under offer at above book value. The combined current rent of the two properties is £124,000 per annum. Paul Bassi, Chief Executive of REI, said: "We have a number of additional lettings in advanced discussions or under legal negotiation which, together with pipeline new purchases, we believe will provide REI with record rental income at the year end."
[RLE] With announcing that on 19 October 2011 it was granted an order by the High Court of Justice confirming the approval for the Company to reduce the amount of the share premium account by £47,154,000. The court order and statement of capital were registered by the Registrar of Companies on 20 October 2011, following which the reduction of the share premium account took effect. REI received shareholder approval for the share premium account reduction at the Company's general meeting held on 18 July 2011. Having received confirmation from the court, the amount of the share premium account so reduced that is not carried to a special reserve in the Company's accounts will be credited as a distributable reserve which will be able to be applied in any manner in which the Company's profits available for distribution are able to be applied. This should enable the payment of dividends and a potential share restructure. This will tidy up the balance sheet no end.
This West Midlands based property group, is pleased to confirm that the Company has leased 14,446sq feet at Avon House in Bromsgrove to AFH Financial Group Plc, a wealth management company quoted on the PLUS Market. The letting is for a term of 11 years, with a tenant break in September 2018, at a commencing rent of £173,352 pa and rising to £202,244 pa at the first review. Avon House is now fully let and has achieved its estimated rental value ("ERV").
The Company has also secured a number of other lettings and sold additional residential development sites at valuations above the 31 December 2011 book values.
In addition, following discussions with planning consultants, the Company will be submitting a planning application for a 40,000-50,000sqf food store in Southgate, Derby.
The Company is in advanced discussions to acquire a number of properties that meet its asset management, capital growth potential and yield profile.
Occupancy and rental income remain secure and stable with improving demand from occupiers.
Has unconditionally exchanged contracts to acquire a part-vacant property at 294-310 High Street, West Bromwich (a former Allied Carpets retail block, with upper part offices) for £475,000 in cash.
The property has an Estimated Rental Value (ERV) of £150,000 p.a., and presently produces £39,000 p.a. The vendor paid £1.6million on 28th May 2006.
· Maiden dividend payment of 0.5 pence in respect of the 2012 financial year
· Rental income up 48% to £2.67 million (H1 2011: £1.81 million)
· Profit before tax, revaluations and loss on valuation of interest rate swaps of £363,000 (H1 2011: loss of £68,000)
· Pre- tax profit of £556,000 (H1 2011: loss of £1.88 million)
‐ includes loss on valuation of interest rate swaps of £74,000 (H1 2011: loss of £71,000) and revaluation surplus of £267,000 (H1 2011: deficit of £1.74 million), both non cash items
· Gross property assets up 3% to £73.5 million (31 December 2011: £71.2 million)
‐ Investment property assets up 4% to £65.8 million (31 December 2011: £63.4 million)
‐ Net assets of £39.4 million (31 December 2011: £39 million)
‐ NAV per share of 55p (31 December 2011: 54.6p)
‐ NNNAV per share 55.6p (31 December 2011: 54.7p)
· Cash and cash equivalents of £6.0 million (H1 2011: £8.0 million)
· Loan to value of 52.5% (44.8% net of cash) (31 December 2011: 52.4% (46.2%))
· Refinance of £10.4million with Aviva providing a 15 year financing on fixed terms at 5.16%
· £2.4 million of acquisitions in first half year
· Further selective acquisitions in the second half with a stable regional property market backdrop
Presented a review today of the Company's business for 2012.
· Payment of an inaugural dividend. The Board's intention is to implement a progressive dividend payment to shareholders.
· Contracted rental income at the year ended 31 December 2012 has risen to £6,653,014, an increase of 11.6%.
· Occupancy at 86.75%
During 2012, the Company made excellent progress and the Directors anticipate further success during 2013. There has been a significant improvement in bank lending and appetite for regional property assets from institutions, new funds and the corporate and private sector. The Directors believe that statistics for 2012 will show a substantial increase in the aggregate value and number of investment property transactions having taken place for the West Midlands region.
The regional economic backdrop has improved, with Jaguar Landrover seeing record growth, which has had a positive impact on the local economy. Letting enquiries and viewing across the Company's portfolio, and more generally, have risen significantly, driven by lease events and businesses growing and expanding.
The Company remains well positioned with cash and excellent banking support to capitalise on opportunities that meet its criteri
40,000,000 new ordinary shares are expected be admitted to trading on AIM on Monday, 14 April 2014.
[RLE] Institutional Holdings
Ruffer LLP 12% to 14% 15,598,883 shares 9,000,000
Moore Europe Capital Management, LLP 8% 9,000,000 shares
This Birmingham based property group and UK listed Real Estate Investment Trust, announces a successful letting at Peat House in Leicester City Centre. Bellrock FM has leased 21,715 sq ft on a new 10 year lease at £282,295 net p.a., the building is now almost fully let producing £494,130 p.a., other tenants include KPMG and Weightmans Solictors with an ERV of £562,835.
During 2015 contracted rents have risen to £11.9m at the year end, up 54.5% (2014: £7.7m).
Additionally, the Company has agreed a new £30m, 5 year term loan facility with Royal Bank of Scotland, on an interest only basis at a margin of 1.75% over LIBOR, secured against part of the Company's unencumbered property portfolio.
Paul Bassi, CEO of REI said "Our contracted rents have seen excellent growth during 2015, and with our acquisition pipeline and improvement in occupier demand, we anticipate further growth during 2016, which will firmly support our commitment to continue to grow our dividend payment.
"The new bank facilities, together with existing cash, provide the capital to secure properties from our known pipeline, and grow our portfolio to in excess of £200m during 2016, subject to opportunistic sales."