Renewal of Bank Facility & Notice of Results

RNS Number : 9242Q

Real Estate Investors PLC

03 March 2021

 

Real Estate Investors Plc

("REI" or the "Company" or the "Group")

Renewal of Bank Facility & Notice of Results

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, today announces the refinancing of its existing debt facilities and provides notice of the Company's 2020 Final Results.  

The Company's £51 million RBS term loan facilities, due to expire in February 2021 (£41 million) and August 2023 (£10 million), have been renewed with National Westminster Bank plc (following its merger with RBS) for a further 3 years at 2.25% above LIBOR, with expiry of this facility due in March 2024, secured on a portfolio of the Group's properties. The average cost of debt across the Group remains at 3.4%.

Notice of Full Year 2020 Results

REI confirms that its final results for the year ended 31 December 2020 will be released on 30 March 2021.

Paul Bassi, Chief Executive, commented:

"This refinancing and our overall maintained cost of debt, demonstrates our excellent banking relationships and access to financing on competitive terms, supporting the Group's strategic objectives."

Enquiries:

Real Estate Investors Plc Paul Bassi/Marcus Daly	[phone]
Cenkos Securities Katy Birkin/Ben Jeynes	[phone]
Liberum Capital Jamie Richards/William Hall	[phone]
Allenby Capital Nick Naylor/Asha Chotai	[phone]
Novella Communications Tim Robertson/Fergus Young	[phone]

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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