Last checked at 30 Jan 2017 07:00
30 January 2017
Real Estate Investors plc
('REI' or 'the Company')
Portfolio Update and Notice of Results
Real Estate Investors plc (AIM:RLE), the Birmingham based property group and UK listed Real Estate Investment Trust ('REIT'), is pleased to announce the sale of an investment property and the date for the announcement of its financial results for the year ending 31 December 2016.
Portfolio Update
In addition to the non-core sales in Crawley and Norwich that were announced in December 2016 for the sum of £2.725m, the Company has completed the sale of a retail investment property known as "Latitude", located in the Chinese quarter of Birmingham, for £2.7m to L & C Investments Limited. REI acquired this property with vacant possession, put in new tenants and have sold it 100% occupied. This sale was in excess of book value.
Notice of Results
The Company's results for the year ending 31 December 2016 will be announced on Monday 20 March 2017, together with the final quarterly dividend for 2016.
Paul Bassi, CEO of REI, commented: "Midlands investment property remains positively in demand and so we will continue to make selected sales where our asset management initiatives have been completed. We continue to seek criteria compliant acquisitions at attractive yields where our asset management initiatives can add further value. The foundation of our near £200m portfolio and the rental income from these properties continues to support our progressive dividend policy."
Ends
Enquiries:
Real Estate Investors plc Paul Bassi
| +44 (0)121 212 3446 |
Smith & Williamson Corporate Finance Limited Azhic Basirov/David Jones
| +44 (0)20 7131 4000 |
Liberum Jamie Richards/Ben Roberts
| +44 (0)20 3100 2000 |
Gable Communications Limited John Bick | +44 (0)20 7193 7463 +44 (0)7872 061 007 |
About Real Estate Investors plc
Real Estate Investors plc is a publicly quoted property investment company with a portfolio of over 1.4 million sq ft of commercial property 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 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, supporting a progressive dividend policy. Further information on the Company can be found at www.reiplc.com.