Last checked at 14 Jan 2015 07:00
14 January 2015
Real Estate Investors Plc
("Real Estate Investors" or "the Company")
Acquisition and Disposal Update
Real Estate Investors plc (AIM: RLE) the West Midlands based property group has completed the acquisition of 24 Bennetts Hill, a prime City centre office with ground floor restaurant and bar for the sum of £2.06 million producing £235,000p.a rent at a yield of 10.80% and a WAULT of 9.8 years. Tenants at the property include Punch Taverns, Specsavers and Zapaygo.
This property provides a variety of asset management opportunities to enhance rental income and value.
Additionally, Real Estate Investors has unconditionally sold land in Bilston, West Midlands for the sum of £1.875 million (a price significantly above book value).
Real Estate Investors also secured a number of lease completions prior to the year-end which will contribute to the company achieving record contracted rental income.
Paul Bassi, Chief Executive of Real Estate Investors Plc, commented: "These transactions, coupled with our conversion to a Real Estate Investment Trust (REIT) as of 1st January 2015, and a secure and stable property portfolio, leave REI well positioned to grow our rental income and continue with our progressive dividend policy throughout 2015."
Enquiries:
Real Estate Investors Plc Paul Bassi
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T: +44 (0)121 265 6400 |
Smith & Williamson Corporate Finance Limited Azhic Basirov
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T: +44 (0)20 7131 4000 |
Liberum Capital Chris Bowman / Jamie Richards
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T: +44 (0)20 3100 2000 |
Gable Communications Limited John Bick | T: +44 (0)20 7193 7463 M: +44 (0)7872 061007 E: reiplc@gablecommunications.com |
Notes to Editors
Real Estate Investors is an AIM listed property investment company with a £100 million commercial and residential portfolio principally in the West Midlands and central England.
Real Estate Investors 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.
Real Estate Investors is led by respected property investor Paul Bassi CBE, who has over 30 years of property experience in the West Midlands. Mr Bassi is also founder and non-executive chairman of Bond Wolfe and non-executive chairman of CP Bigwood Chartered Surveyors. Real Estate Investors was admitted to trading on AIM in June 2004. Further information on Real Estate Investors can be found at www.reiplc.com.