Acquisition

9th May 2011
RNS Number : 1570G
Real Estate Investors PLC
09 May 2011
 

 

9 May 2011

 

Real Estate Investors plc

(“REI” or “the Company” or “the Group”)

 

ACQUISITION OF DEVELOPMENT PROPERTY

 

Real Estate Investors plc (AIM:RLE), the West Midlands based property group, announces that, on Friday, 5 May 2011, it completed the acquisition of 32.1 acres of land in Tredegar for £1 million, in cash.  The Company initially identified this opportunity and conditionally exchanged contracts on the acquisition in January 2009.  The property has planning consent for 283 homes and the Company intends to place this on the market for sale.

 

This acquisition adds to the Company’s portfolio of residential development sites.

 

Commenting on the acquisition, Paul Bassi, Chief Executive of REI, said, “This was an opportunistic purchase made in the depth of the financial crisis. We are confident that the future sale of the site will provide Real Estate Investors with a very healthy return.”

 

 

Enquiries:

 

Real Estate Investors PLC

Paul Bassi

 

+44 (0)121 265 6400

Smith & Williamson Corporate Finance Limited

Azhic Basirov / Siobhan Sergeant

 

+44 (0)20 7131 4000

Liberum Capital Limited

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 Bigwood Chartered Surveyors.

 

4.      REI was admitted to trading on AIM in June 2004 and has subsequently raised a total of £35 million in further equity issues as well as debt financing to grow its property portfolio. 

 

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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