Real Estate Investors Plc (AIM: RLE) the Birmingham based property group has unconditionally exchanged contracts to acquire 3537 Great Charles Street, Birmingham for a price of £1.85 million a 24,500 sq ft prime city centre office building nearby to the new Paradise Forum development and at the heart of the new City centre masterplan. The building is part let producing £214,709 p.a. and tenants include National Governors’ Association, Children’s Liver Disease Foundation, Allianz Management Services Limited and Northern Marine Underwriters Limited.
Paul Bassi, Chief Executive commented:
“This acquisition is an excellent addition to our City centre portfolio, located at the heart of the City centre regeneration and adjoining existing REI property. This building offers the opportunity to add value from new lettings, lease renewals, in an improved office occupier market. Additionally, we have recently agreed new banking facilities, secured against some of our unencumbered assets. These facilities allow us to negotiate a number of further criteria investments, with cash funds, which we hope to secure and announce in H1 2015.”
REI will announce its results and final dividend for the year ending December 2014 on 16 March 2015.