Last checked at 17 Feb 2015 07:00
17 February 2015
Real Estate Investors Plc
("Real Estate Investors", "REI" or the "Company")
Acquisition
Real Estate Investors Plc (AIM: RLE) the Birmingham based property group has unconditionally exchanged contracts to acquire 35-37 Great Charles Street, Birmingham for a price of £1.85 million a 24,500 sq ft prime city centre office building nearby to the new Paradise Forum development and at the heart of the new City centre masterplan. The building is part let producing £214,709 p.a. and tenants include National Governors' Association, Children's Liver Disease Foundation, Allianz Management Services Limited and Northern Marine Underwriters Limited.
Paul Bassi, Chief Executive commented:
"This acquisition is an excellent addition to our City centre portfolio, located at the heart of the City centre regeneration and adjoining existing REI property. This building offers the opportunity to add value from new lettings, lease renewals, in an improved office occupier market. Additionally, we have recently agreed new banking facilities, secured against some of our unencumbered assets. These facilities allow us to negotiate a number of further criteria investments, with cash funds, which we hope to secure and announce in H1 2015."
REI will announce its results and final dividend for the year ending December 2014 on 16 March 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 £75.2million (as at 31 Dec 2013) 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.