Real Estate Investors PLC Property Disposal and Letting Update (8782Y)
11 December 2017 - 6:00PM
UK Regulatory
TIDMRLE
RNS Number : 8782Y
Real Estate Investors PLC
11 December 2017
Real Estate Investors Plc
("REI" or the "Company" or the "Group")
Property Disposal and Letting Update
Real Estate Investors Plc (AIM:RLE), the Midlands focused
property group and UK listed Real Estate Investment Trust ('REIT'),
is pleased to announce the sale of 24 Bennetts Hill, Birmingham for
a cash consideration of GBP4.00 million, which is a premium to book
valuation and represents a 5.90% net initial yield. The investment
property was acquired by the Company in December 2014 for GBP2.06
million.
REI has also completed a major letting of 14,291 square feet in
Peat House, Leicester, a prime city centre office building. The
building is now fully occupied and producing a total rental income
of GBP573,466 per annum with occupiers including
everythingbranded.co.uk, Bellrock FM, Innes England and KPMG.
Paul Bassi, CEO of REI, commented: "We are delighted to complete
this sale having added significant value through asset management,
and our Peat House asset is now fully let which completes an
excellent year of activity where we have been active as a buyer,
seller and transacted significant lettings. We have achieved a
record occupancy throughout the portfolio of 95%, which will
provide the foundation for further dividend growth in line with the
Company's stated progressive dividend policy.
"Our market reputation, available capital and banking
facilities, will allow the Company to capitalise on market
opportunities in 2018 and continue to grow our property
portfolio."
Ends
Enquiries:
Real Estate Investors Plc
Paul Bassi +44 (0)121 212 3446
Smith & Williamson Corporate
Finance Limited
Azhic Basirov/David Jones +44 (0)20 7131 4000
Liberum
Jamie Richards/Ben Roberts +44 (0)20 3100 2000
Gable Communications Limited +44 (0)20 7193 7463
John Bick +44 (0)7872 061 007
About Real Estate Investors plc
Real Estate Investors Plc is a publicly quoted property
investment company with a portfolio of over 1,400,000 sq ft of
commercial property managed by a highly experienced property team
with over 100 years of combined experience of operating in the
Midlands property market across all sectors.
The Company's strategy is to invest in well located, real estate
assets in the established and proven markets of central Birmingham
and the Midlands, with income and capital growth potential,
realisable through active portfolio management, refurbishment,
change of use and lettings. The portfolio has no material reliance
on a single asset or occupier.
On 1st January 2015, the Company converted to a REIT. Real
Estate Investment Trusts are listed property investment companies
or groups not liable to corporation tax on their rental income or
capital gains from their qualifying activities.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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