Acquisition

6th October 2014
RNS Number : 4673T
Real Estate Investors PLC
06 October 2014
 

 

Real Estate Investors Plc

(“Real Estate Investors” or “the Company”)

 

Commercial Retail Acquisition for £7.7m

 

Portfolio now Exceeds £100 million in Gross Assets

 

Real Estate Investors plc (AIM: RLE) the West Midlands based property group, announces that it has unconditionally exchanged contracts to acquire 59/75 Park Street, Walsall for the sum of £7.7 million in cash.  The property produces a rental income of £814,312 p.a and tenants include Wallis Retail, Burton, Superdrug Stores, BHS Limited and Waterstones Booksellers Limited.  The acquisition is high yielding with a WAULT of 5.1 years and opportunities to add further value from lease renewals and rent reviews.  

 

Paul Bassi Chief Executive commented:

“With this latest acquisition, our gross assets now exceed £100 million, predominantly acquired during the property and financial market downturn.  The portfolio is diverse, with active asset management opportunities and is now benefitting from an improved property market.  I anticipate an excellent year with record gross property assets, contracted rental income and dividend pay-out to our shareholders.”

 

ends.

 

Enquiries:

Real Estate Investors Plc

Paul Bassi

 

 

T: +44 (0)121 265 6400

Smith & Williamson Corporate Finance Limited

Azhic Basirov

 

 

T: +44 (0)20 7131 4000

Liberum Capital

Chris Bowman / Jamie Richards

 

 

T: +44 (0)20 3100 2000

Gable Communications Limited

John Bick

 

T: +44 (0)20 7193 7463

M: +44 (0)7872 061007

E: reiplc@gablecommunications.com

 

Notes to Editors

Real Estate Investors is an AIM listed property investment company with a £100 million commercial and residential portfolio principally in the West Midlands and central England.

 

Real Estate Investors 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.

 

Real Estate Investors is led by respected property investor Paul Bassi CBE, who has over 30 years of property experience in the West Midlands. Mr Bassi is also founder and non-executive chairman of Bond Wolfe and non-executive chairman of CP Bigwood Chartered Surveyors. Real Estate Investors was admitted to trading on AIM in June 2004. Further information on Real Estate Investors can be found at www.reiplc.com.

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

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