12% uplift in contracted rents

13th July 2011
RNS Number : 2800K
Real Estate Investors PLC
13 July 2011
 

13 July 2011

 

Real Estate Investors plc

(“REI” or the “Company”)

 

12% uplift in contracted rents

 

Real Estate Investors plc (AIM: RLE), the West Midlands based property group, announces that over the six months ended 30 June 2011, contracted rents have increased 12% to £4.547 million per annum (31 December 2010: £4.062million per annum). Current Estimated Rental Value is approximately £5.753 million per annum.

 

New tenants include Pertemps Employment Alliance and Bank of Scotland (Halifax).

 

The Company’s asset management objectives have been achieved at properties in Chingford, in north east London, and Wakefield, Yorkshire.  Let to Tesco and Bank of Scotland, respectively, both are to be sold and are currently under offer at above book value. The combined current rent of the two properties is £124,000 per annum.

 

Paul Bassi, Chief Executive of REI, said: “We have a number of additional lettings in advanced discussions or under legal negotiation which, together with pipeline new purchases, we believe will provide REI with record rental income at the year end.”

 

For further information:

 

Real Estate Investors 

Paul Bassi

 

+44 (0)121 265 6400

 

Smith & Williamson Corporate Finance Limited

Azhic Basirov / Siobhan Sergeant

 

 

+44 (0)20 7131 4000

Liberum Capital 

Chris Bowman / Richard Bootle

 

+44 (0)20 3100 2000

 

Tavistock Communications

Jeremy Carey

 

+44 (0)20 7920 3150

 

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 and has subsequently raised a total of £35 million in further equity issues as well as debt financing to grow its property portfolio.  As at 31 December 2010, its portfolio and inventories were valued at £56 million.

 

5.      Further information on REI can be found at www.reiplc.com.

 

 

This information is provided by RNS
The company news service from the London Stock Exchange
 

END

 
 

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