Acquisition

28th July 2014
RNS Number : 4192N
Real Estate Investors PLC
28 July 2014
 

28 July 2014

Real Estate Investors Plc

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

 

Acquisition of Westgate House

 

Real Estate Investors Plc (AIM; RLE) the West Midlands based property group, announces that it has unconditionally exchanged contracts to acquire Westgate House, located on Market Street in Warwick town centre, for the sum of £7.25 million in cash.

 

The property produces a rent of £631,325 per annum and tenants include Boots UK Limited, Marks and Spencer, Simply Foods Limited and NHS Property Services.

 

Paul Bassi, Chief Executivecommented “An excellent addition to our portfolio offering scope to add further income from letting void space and re-gearing existing leases, which combined will provide us with capital growth and strong running yield. More generally, the Company’s portfolio is performing well, we are seeing a substantially improved regional investment market and we anticipate further sales in Q4, on properties upon which we have completed our asset management initiatives.”

 

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 / Justine James

 

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 £75.2million (as at 31 Dec 2013) 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
 

END

 
 

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