Last checked at 7 Sep 2015 07:00
7 September 2015
REAL ESTATE INVESTORS PLC
("REI" or the "Company")
Property Sales Update and Notice of Results
Real Estate Investors Plc (AIM: RLE), the Birmingham based Real Estate Investment Trust, announces that in addition to previously reported sales in 2015, totalling £12.0 million, it has sold further properties from its non-core portfolio, producing further capital receipts to the Company of £4.0 million. These sales comprise a property in Surrey for £2.5 million and a property in Watford for £1.5 million, both of which are located outside of the Company's core markets of central Birmingham and the Midlands. Both sales were made at levels above the Company's book values.
The Company plans to release Half Year results for the six months ended 30 June on 16 September 2015.
Paul Bassi, Chief Executive of REI, commented: "These recent sales are debt free and non-core. The capital receipts will provide additional funds to capture criteria compliant property in our current pipeline of acquisitions, where we have over £20 million of new purchases under offer or in legal process. In line with our strategy, we remain on track to grow our portfolio to in excess of £200 million within the next six months."
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.