23 March 2012
Real Estate Investors plc
(“REI” or the “Company”)
£10.4 Million Refinancing
Real Estate Investors Plc (AIM: RLE ), the West Midlands based property group,confirm that they have completed a refinancing with Aviva for the sum of £10.4 Million. These facilities are for a term of 15 years, at a fixed rate of 5.16% inclusive.
Paul Bassi, Chief Executive, commented:
“These funds are secured against existing income producing assets and will enable us to capitalise on market opportunities and acquire additional income producing assets at attractive yields. We can confirm that we are in advanced discussions on new acquisitions and hope to announce these in the near future.”
For further information:
Real Estate Investors
+44 (0)121 265 6400
Smith & Williamson Corporate Finance Limited
Azhic Basirov / Siobhan Sergeant
+44 (0)20 7131 4000
Chris Bowman / Richard Bootle
+44 (0)20 3100 2000
Notes to Editors
1. REI is an AIM listed property investment company specialising in commercial and residential property principally in the West Midlands and central England.
2. REI 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.
3. REI is led by respected property investor Paul Bassi CBE, who has over 25 years of property experience in the West Midlands. Mr Bassi is also founder and chairman of Bond Wolfe and chairman of CP Bigwood Chartered Surveyors.
4. REI was admitted to trading on AIM in June 2004. As at 30 June 2011 its portfolio and inventories were valued at £60 million.
5. Further information on REI can be found at www.reiplc.com.