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13 Jul 2011 07:00
13 July 2011
Real Estate Investors plc
("REI" or the "Company")
12% uplift in contracted rents
Real Estate Investors plc (AIM: RLE), the 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."
For further information:
Real Estate Investors Paul Bassi |
+44 (0)121 265 6400
|
Smith & Williamson Corporate Finance Limited Azhic Basirov / Siobhan Sergeant
|
+44 (0)20 7131 4000 |
Liberum Capital Chris Bowman / Richard Bootle |
+44 (0)20 3100 2000
|
Tavistock Communications Jeremy Carey |
+44 (0)20 7920 3150 |
Notes to Editors
1. REI is an AIM listed property investment company specialising in commercial and residential property principally in the West Midlands and central England.
2. REI is focused on delivering shareholder value through returns generated from strong yields and capital enhancements. This is achieved by targeting investments in orphaned, distressed, part-let and underperforming commercial and residential property assets.
3. REI is led by respected property investor Paul Bassi CBE, who has over 25 years of property experience in the West Midlands. Mr Bassi is also founder and chairman of Bond Wolfe and chairman of CP Bigwood Chartered Surveyors.
4. REI was admitted to trading on AIM in June 2004 and has subsequently raised a total of £35 million in further equity issues as well as debt financing to grow its property portfolio. As at 31 December 2010, its portfolio and inventories were valued at £56 million.
5. Further information on REI can be found at www.reiplc.com.
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