12 November 2012
Real Estate Investors plc
(“REI” or the “Company”)
Acquisition of Colmore Row Building
Real Estate Investors plc (AIM: RLE), the West Midlands based property group, announces that, on 9 November 2012, it exchanged contracts to acquire 85-89 Colmore Row, Birmingham, from Cavendish Estates (London) Ltd in administration C/O PricewaterhouseCoopers for a consideration of £4 million in cash.
The property is rented, producing £360,000 p.a with an ERV of approximately £450,000 p.a. The tenants include Chubb Insurance, Malcolm Hollis LLP, Building Design Partnership, Fleetmilne (Birmingham) Ltd, DTE Leonard Curtis Limited, Fawcett & Pattni Solicitors and JMP Consultants Limited.
Paul Bassi, CEO, commented, “This prime landmark building is an excellent addition to our portfolio. Across our portfolio, we are noting significantly improved occupier demand and anticipate a strong finish to 2012.”
Real Estate Investors PLC
+44 (0)121 212 3446
Smith & Williamson Corporate Finance Limited
Azhic Basirov / Siobhan Sergeant
+44 (0)20 7131 4000
Chris Bowman / Richard Bootle
+44 (0)20 3100 2000
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 non-executive chairman of Bond Wolfe and non-executive chairman of CP Bigwood Chartered Surveyors.
4. REI was admitted to trading on AIM in June 2004. As at 30 June 2012 its portfolio and inventories were valued at £73.5 million.
5. Further information on REI can be found at www.reiplc.com.