£10 million Fixed Interest Facility

10th October 2019
RNS Number : 3611P
Real Estate Investors PLC
10 October 2019
 

 

 

 

 

Real Estate Investors Plc

(“REI” or the “Company”)

 

 

£10 million Fixed Interest Facility

 

Real Estate Investors Plc (AIM: RLE), the London Stock Exchange listed Real Estate Investment Trust (REIT) with a portfolio of 1.53 million sq ft of commercial property in the Midlands property market across all sectors, is pleased to announce that it has taken the opportunity to switch its existing variable rate £10.0 million loan facility with Lloyds Bank into a fixed interest rate loan facility with an interest rate of 3.129% per annum until 30 November 2023. The facility with Lloyds Bank is secured against a portfolio of REI’s properties. Following completion of the new facility, 77% of the Company’s debt is in fixed interest rate form, without increasing the average cost of REI’s overall debt which remains at 3.7%.

 

Paul Bassi, CEO, commented: ”In line with our stated strategy, we have taken advantage of the low interest environment to fix this facility with Lloyds Bank which has given us increased certainty over our cost of borrowings without raising our overall costs.

 

We are well placed, given our existing cash and banking facilities, to maintain our opportunistic approach to acquiring further criteria compliant assets and we anticipate concluding some of our pipeline acquisitions in the near future.”

 

Enquiries:

 

Real Estate Investors Plc

Paul Bassi/Marcus Daly

 

+44 (0)121 212 3446

 

Cenkos Securities

Azhic Basirov/Katy Birkin

 

+44 (0)20 7397 8900

 

Liberum

Jamie Richards/William Hall

 

+44 (0)20 3100 2000

 

Allenby Capital

Nick Naylor/Asha Chotai

 

+44 (0)20 3328 5656

 

Novella Communications

Tim Robertson/Fergus Young

 

+44 (0)20 3151 7008

 

About Real Estate Investors Plc

Real Estate Investors Plc is a publicly quoted, internally managed property investment company and REIT with a portfolio of 1.53 million sq ft of predominantly 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 across 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.

 

Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
 

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