REAL ESTATE INVESTORS PLC
(“REI” or the “Company”)
Property Sales Update and Notice of Results
Real Estate Investors Plc (AIM: RLE), the Birmingham based Real Estate Investment Trust, announces that in addition to previously reported sales in 2015, totalling £12.0 million, it has sold further properties from its non-core portfolio, producing further capital receipts to the Company of £4.0 million. These sales comprise a property in Surrey for £2.5 million and a property in Watford for £1.5 million, both of which are located outside of the Company’s core markets of central Birmingham and the Midlands. Both sales were made at levels above the Company’s book values.
The Company plans to release Half Year results for the six months ended 30 June on 16 September 2015.
Paul Bassi, Chief Executive of REI, commented: “These recent sales are debt free and non-core. The capital receipts will provide additional funds to capture criteria compliant property in our current pipeline of acquisitions, where we have over £20 million of new purchases under offer or in legal process. In line with our strategy, we remain on track to grow our portfolio to in excess of £200 million within the next six months.”