Real Estate Investors PLC Fixed Interest Switch (4164Y)
12 May 2021 - 11:31PM
UK Regulatory
TIDMRLE
RNS Number : 4164Y
Real Estate Investors PLC
12 May 2021
Real Estate Investors Plc
("REI" or the "Company")
Fixed Interest Switch
Real Estate Investors Plc (AIM: RLE), the UK's only
Midlands-focused Real Estate Investment Trust (REIT), with a
portfolio of 1.59 million sq ft of investment property across all
sectors, is pleased to announce that it has taken the opportunity
to switch part of its NatWest facility to a fixed interest rate.
The Company repaid GBP2 million of the facility in March 2021 and
has now fixed GBP35 million of the GBP49 million facility at a rate
of 2.6% per annum, with effect from 1 January 2022 until 1 March
2024. The facility with NatWest is secured against a portfolio of
REI's properties.
Following the fixing of this proportion of debt, the Company's
fixed debt ratio will increase to 82%, with an average cost of debt
of 3.5% with effect from 1 January 2022.
Marcus Daly, Finance Director, commented: "We have taken
advantage of the low interest rate environment to fix GBP35 million
of our NatWest facility to hedge against future expected interest
rate rises and preserve our low average cost of debt."
Certain of the information contained within this announcement is
deemed by the Company to constitute inside information as
stipulated under the UK version of the EU Market Abuse Regulation
(2014/596) which is part of UK law by virtue of the European Union
(Withdrawal) Act 2018, as amended and supplemented from time to
time.
Enquiries:
Real Estate Investors Plc
Paul Bassi/Marcus Daly +44 (0)121 212 3446
Cenkos Securities
Katy Birkin/Ben Jeynes +44 (0)20 7397 8900
Liberum
Jamie Richards/William Hall +44 (0)20 3100 2000
Allenby Capital
Nick Naylor +44 (0)20 3328 5656
Novella Communications
Tim Robertson/Fergus Young +44 (0)20 3151 7008
About Real Estate Investors Plc
Real Estate Investors Plc is a publicly quoted, internally
managed property investment company and REIT with a portfolio of
1.59 million sq ft of mixed-use 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 across 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. The
Company aims to deliver capital growth and income enhancement from
its assets, supporting its progressive dividend policy. Further
information on the Company can be found at www.reiplc.com .
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END
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