28 February 2012
Real Estate Investors plc
(“REI” or the “Company”)
Letting at Avon House
Real Estate Investors plc (AIM: RLE), the West Midlands based property group, is pleased to confirm that the Company has leased 14,446sq feet at Avon House in Bromsgrove to AFH Financial Group Plc, a wealth management company quoted on the PLUS Market. The letting is for a term of 11 years, with a tenant break in September 2018, at a commencing rent of £173,352 pa and rising to £202,244 pa at the first review. Avon House is now fully let and has achieved its estimated rental value (“ERV”).
The Company has also secured a number of other lettings and sold additional residential development sites at valuations above the 31 December 2011 book values.
The Company is in advanced discussions to acquire a number of properties that meet its asset management, capital growth potential and yield profile.
Occupancy and rental income remain secure and stable with improving demand from occupiers.
For further information:
Real Estate Investors
+44 (0)121 265 6400
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 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.