18 July 2013
Real Estate Investors plc
(“REI” or the “Company”)
Trading Update
Real Estate Investors Plc (AIM:RLE), the West Midlands based property group, is pleased to provide the following update on trading for the first six months of 2013.
The Company has experienced improved occupier demand which has resulted in a number of new lettings. New tenants include Assicurazioni Generali, Centrick Properties Ltd, Tesco Limited, Eyedeal, LM Recruitment and Duncan Lewis.
The Company’s property portfolio continues to strengthen both through new tenants and increased lease length, with previous rent free incentives diminishing and rental rates hardening.
There is positive momentum for regional assets from the investor market which the management believes will continue for the foreseeable future. Investor appetite has significantly improved for income producing investment property and the management anticipates selling certain assets in Q3 2013 and 2014.
The Company remains well positioned to support its objective of growing dividends for shareholders, progressively, and the Company anticipates announcing a revised dividend in September 2013, together with the Company’s half year results.
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 £77.4m (as at 31 December 2012) 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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