6 December 2013
Real Estate Investors plc
(“REI” or the “Company”)
Property Disposal
Real Estate Investors Plc (RLE), the West Midlands based property group, confirms that it has sold Units 1, 2 and 3 at Southgate Retail Park, Derby, to T E Beteiligungs GmbH (the parent company of Lidl) for the sum of £4.25 million. The remaining five units have been retained and are either let or under offer with an ERV of £250,000 p.a.
REI purchased Southgate Retail Park for £4.8 million in September 2011.
Paul Bassi, Chief Executive, commented “This is an excellent disposal significantly above our book valuation, demonstrating the growing appetite from investors and occupiers for regional assets.”
For further information:
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Real Estate Investors Paul Bassi |
+44 (0)121 265 6400
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Smith & Williamson Corporate Finance Limited Azhic Basirov / Siobhan Sergeant
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+44 (0)20 7131 4000 |
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Liberum Capital Chris Bowman / Richard Bootle |
+44 (0)20 3100 2000
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Notes to Editors
REI is an AIM listed property investment company with a £76.8m (as at 30 June 2013) commercial and residential portfolio principally in the West Midlands and central England.
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.
REI 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. REI was admitted to trading on AIM in June 2004. Further information on REI can be found at www.reiplc.barques.dev.
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