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.barques.dev.
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.
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