Property Acquisition

RNS Number : 9385C

Real Estate Investors PLC

21 March 2014

 



21 March 2014

Real Estate Investors Plc

("Real Estate Investors" or "the Company")

Property Acquisition

Real Estate Investors plc (AIM: RLE) the West Midlands based property group, announces that it has exchanged contracts to acquire Lunn Poly House Parade in the town centre of Leamington Spa, Warwickshire, for the sum of £2.35 million in cash.  The property produces a rental income of £262,300 p.a. and tenants include Thomas Cook Retail Ltd, TUI UK Ltd, Sharps Bedrooms Ltd and Hammonds Furniture Ltd.

The Company is also pleased to announce that it has let approximately 7,451 square feet of space at Guardian House, West Bromwich, on a new 10 year lease, with 5 yearly rent reviews to Clark Brookes Turner Cary Solicitors at a rental of £81,961 p.a.

Paul Bassi, Chief Executive, commented, "We have a strong acquisition and letting pipeline and we will announce a number of deals in the coming months.  Lunn Poly House is an excellent addition to our growing regional portfolio and the letting to Clark Brookes Turner Cary Solicitors further reveals signs of a significantly improved occupier market."

Enquiries:

Real Estate Investors Plc Paul Bassi	T: [phone]
Smith & Williamson Corporate Finance Limited Azhic Basirov / Siobhan Sergeant	T: [phone]
Liberum Capital Chris Bowman / Richard Bootle	T: [phone]
Gable Communications Limited John Bick / Justine James	T: [phone] M: [phone] E: [e-mail]

Notes to Editors

Real Estate Investors is an AIM listed property investment company with a £75.2m (as at 31 December 2013) commercial and residential portfolio principally in the West Midlands and central England.

Real Estate Investors 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.

Real Estate Investors 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. Real Estate Investors was admitted to trading on AIM in June 2004. Further information on Real Estate Investors can be found at www.reiplc.com.

 

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