Last checked at 11 Aug 2015 07:00
11 August 2015
REAL ESTATE INVESTORS PLC
("REI" or the "Company")
Property Sale
Notice of Half Year Results
Real Estate Investors Plc (AIM: RLE), the Birmingham based property group, announces the sale of the part-vacant office building, 36 Great Charles Street, Birmingham, to Circle Property Unit Trust for the sum of £2.5m. The property was acquired on 25th March this year for the sum of £1.85m.
Paul Bassi, Chief Executive, commented: "This opportunistic profit reveals a much improved regional property market, in which we continue to receive approaches for assets within our portfolio from a variety of investors, against a backdrop of improved occupancy and the prospects of rising rents. This additional cash will allow us to capitalise on our pipeline opportunities, secure additional income and deliver on our progressive dividend policy."
Notice of half year results
The Company will be announcing its unaudited half year results to 30 June 2015 during the week commencing 14 September 2015.
Enquiries:
Real Estate Investors Plc | |
Paul Bassi
| T: +44 (0)121 265 6400 |
Smith & Williamson Corporate Finance Limited (Nominated Adviser) | |
Azhic Basirov / David Jones
| T: +44 (0)20 7131 4000 |
Liberum Capital (Broker) | |
Tom Fyson / Jamie Richards
| T: +44 (0)20 3100 2000 |
Gable Communications Limited | T: +44 (0)20 7193 7463 |
John Bick
| M: +44 (0)7872 061007 E: reiplc@gablecommunications.com |
About Real Estate Investors Plc
Real Estate Investors Plc is a publicly quoted property investment company with a portfolio of over £100 million in commercial properties managed by a highly experienced property team with over 100 years of combined experience of operating in the Midlands property market across all sectors.
The Company's strategy is to invest in well located, real estate assets in the established and proven markets of central Birmingham and the Midlands, with income and capital growth potential, realisable through active portfolio management, refurbishment, change of use and lettings. The portfolio has no material reliance on a single asset or occupier.
On 1st January 2015, the Company converted to a Real Estate Investment Trust (REIT). Real Estate Investment Trusts are listed property investment companies or groups not liable to corporation tax on their rental income or capital gains from their qualifying activities.
The Company aims to deliver capital growth and income enhancement from its assets with the view to implementing a progressive dividend policy. Further information on the Company can be found at www.reiplc.com.