Property Acquisition

RNS Number : 5166T

Real Estate Investors PLC

20 November 2013

 



20 November 2013

Real Estate Investors plc

("REI" or the "Company")

Property Acquisition

Real Estate Investors Plc (RLE), the West Midlands based property group, confirms that it has acquired the building comprising 37a Waterloo Street and 7 Bennetts Hill, Birmingham from Ostrich Limited for the sum of £1.8 million in cash. 

The property is a city centre listed building with ground floor restaurant and upper part offices, producing rental of £188,000 p.a.  Tenants include W H Ireland Limited, Triton Global Limited and MVA Consultancy Limited.

The building directly adjoins an existing REI property on Bennetts Hill.

Paul Bassi, Chief Executive, commented, "This property is a strategic addition to our portfolio that offers the opportunity to add value and rental income through lease renewals and rent reviews.  Alongside our property portfolio throughout the Midlands region, we have now acquired a total of 180,000 sq ft across 11 buildings, occupied by 45 tenants, in the Birmingham city centre and surrounding areas during the economic downturn of the last five years.  We are now an established Birmingham City centre landlord with a diverse portfolio that has significant asset management opportunities."

For further information:

Real Estate Investors  Paul Bassi	[phone]
Smith & Williamson Corporate Finance Limited Azhic Basirov / Siobhan Sergeant	[phone]
Liberum Capital  Chris Bowman / Richard Bootle	[phone]

Notes to Editors

REI is an AIM listed property investment company with a £76.8m (as at 30 June 2013) 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.com.

 

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