Acquisition

21st June 2012
RNS Number : 8542F
Real Estate Investors PLC
21 June 2012
 

21 June 2012

 

Real Estate Investors plc

(“REI” or the “Company”)

 

REI acquires part-vacant property in West Bromwich

 

Real Estate Investors Plc (AIM:RLE), the West Midlands property investment company, has unconditionally exchanged contracts to acquire a part-vacant property at 294-310 High Street, West Bromwich (a former Allied Carpets retail block, with upper part offices) for £475,000 in cash.

 

The property has an Estimated Rental Value (ERV) of £150,000 p.a., and presently produces £39,000 p.a.  The vendor paid £1.6million on 28th May 2006.

 

 

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

 

 

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. As at 30 June 2011 its portfolio and inventories were valued at £60 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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