12 January 2011
Real Estate Investors plc
(“REI” or “the Company” or “the Group”)
DETAILED PLANNING CONSENT OBTAINED
Real Estate Investors plc (AIM:RLE), the West Midlands based property group, announces that, yesterday, it received detailed planning consent for eight three bedroom semi detached homes at their recently acquired former public house, Hill Tavern, Dudley, West Midlands.
This now takes REI’s total residential plots to over 40 from former public houses, development sites acquired.
Commenting on the approval, Paul Bassi, Chief Executive of REI, said, “We will continue to acquire opportunistic residential sites that we believe represent real value to REI, giving us the potential to either resell for healthy profits or develop the sites for retention, providing REI with favourable yields and rental.”
Real Estate Investors PLC
+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.