Last checked at 6 Oct 2014 07:00
Real Estate Investors Plc
("Real Estate Investors" or "the Company")
Commercial Retail Acquisition for £7.7m
Portfolio now Exceeds £100 million in Gross Assets
Real Estate Investors plc (AIM: RLE) the West Midlands based property group, announces that it has unconditionally exchanged contracts to acquire 59/75 Park Street, Walsall for the sum of £7.7 million in cash. The property produces a rental income of £814,312 p.a and tenants include Wallis Retail, Burton, Superdrug Stores, BHS Limited and Waterstones Booksellers Limited. The acquisition is high yielding with a WAULT of 5.1 years and opportunities to add further value from lease renewals and rent reviews.
Paul Bassi Chief Executive commented:
"With this latest acquisition, our gross assets now exceed £100 million, predominantly acquired during the property and financial market downturn. The portfolio is diverse, with active asset management opportunities and is now benefitting from an improved property market. I anticipate an excellent year with record gross property assets, contracted rental income and dividend pay-out to our shareholders."
ends.
Enquiries:
Real Estate Investors Plc Paul Bassi
|
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.