Acquisition and Disposal Update

14th January 2015
RNS Number : 0794C
Real Estate Investors PLC
14 January 2015
 



14 January 2015

Real Estate Investors Plc

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

 

Acquisition and Disposal Update

 

Real Estate Investors plc (AIM: RLE) the West Midlands based property group has completed the acquisition of 24 Bennetts Hill, a prime City centre office with ground floor restaurant and bar for the sum of £2.06 million producing £235,000p.a rent at a yield of 10.80% and a WAULT of 9.8 years.  Tenants at the property include Punch Taverns, Specsavers and Zapaygo. 

 

This property provides a variety of asset management opportunities to enhance rental income and value.

 

Additionally, Real Estate Investors has unconditionally sold land in Bilston, West Midlands for the sum of £1.875 million (a price significantly above book value).

 

Real Estate Investors also secured a number of lease completions prior to the year-end which will contribute to the company achieving record contracted rental income.

 

Paul Bassi, Chief Executive of Real Estate Investors Plc, commented:  ”These transactions, coupled with our conversion to a Real Estate Investment Trust (REIT) as of 1st January 2015, and a secure and stable property portfolio, leave REI well positioned to grow our rental income and continue with our progressive dividend policy throughout 2015.”

 

 

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
 

END

 
 

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