REI ACQUISITIONS & UPDATE

11th June 2012
RNS Number : 0372F
Real Estate Investors PLC
11 June 2012
 

11 June 2012

 

Real Estate Investors plc

(“REI” or the “Company”)

 

REI ACQUISITIONS & UPDATE

 

Real Estate Investors Plc (AIM:RLE), the West Midlands based property group, announces that it has acquired office buildings at Apex, Edgbaston for the sum of £1.690 million in cash. The properties are let to Lombard North Central (Natwest) and Royal London Life and produce £353,502 p.a on leases expiring in December 2015, representing an initial yield of 20%.  The properties were acquired from the receivers acting for the mortgagees Capita Asset Services (London) Ltd.  The vendors acquired these properties in March 2005 for sum of £4.525 million.

 

Paul Bassi, Chief Executive, commented:

 

“REI continues to benefit from having established ‘preferred buyer status’ amongst receivers, distressed vendors and corporate agents.  The new acquisitions provide excellent initial income and numerous asset management opportunities.  The existing portfolio remains stable and secure.  We have a number of other potential purchases in advanced discussions, and in excess of £250,000 p.a. in new rental deals in legals.  The board of REI currently expects to be able to announce the Company’s inaugural dividend later this year.”

 

For further information:

 

Real Estate Investors 

Paul Bassi

 

+44 (0)121 265 6400

 

Smith & Williamson Corporate Finance Limited

Azhic Basirov / Siobhan Sergeant

 

 

+44 (0)20 7131 4000

Liberum Capital 

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 31 December 2011 its portfolio and inventories were valued at £71 million.

 

5.      Further information on REI can be found at www.reiplc.com.

 

 

This information is provided by RNS
The company news service from the London Stock Exchange
 

END

 
 

ACQEVLFBLQFEBBD