Business
12% uplift in contracted rents
12% uplift in contracted rents.
About this update from Real Estate Investors Plc
[{"type":"text","content":"\n \nRNS Number : 2800K Real Estate Investors PLC 13 July 2011 \n \n\n13 July 2011 \n \nReal Estate Investors plc\n(\"REI\" or the \"Company\")\n \n12% uplift in contracted rents\n \nReal Estate Investors plc (AIM: RLE), the West Midlands based property group, announces that over the six months ended 30 June 2011, contracted rents have increased 12% to £4.547 million per annum (31 December 2010: £4.062million per annum). Current Estimated Rental Value is approximately £5.753 million per annum.\n \nNew tenants include Pertemps Employment Alliance and Bank of Scotland (Halifax).\n \nThe Company's asset management objectives have been achieved at properties in Chingford, in north east London, and Wakefield, Yorkshire. Let to Tesco and Bank of Scotland, respectively, both are to be sold and are currently under offer at above book value. The combined current rent of the two properties is £124,000 per annum.\n \nPaul Bassi, Chief Executive of REI, said: \"We have a number of additional lettings in advanced discussions or under legal negotiation which, together with pipeline new purchases, we believe will provide REI with record rental income at the year end.\"\n \nFor further information: \n \n\n\n\n\nReal Estate Investors \nPaul Bassi\n\n\n \n+44 (0)121 265 6400\n \n\n\n\n\nSmith & Williamson Corporate Finance Limited\nAzhic Basirov / Siobhan Sergeant\n \n\n\n \n+44 (0)20 7131 4000\n\n\n\n\nLiberum Capital \nChris Bowman / Richard Bootle\n\n\n \n+44 (0)20 3100 2000\n \n\n\n\n\nTavistock Communications\nJeremy Carey\n\n\n \n+44 (0)20 7920 3150\n\n\n\n\n \nNotes to Editors\n \n1. REI is an AIM listed property investment company specialising in commercial and residential property principally in the West Midlands and central England.\n \n2. 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.\n \n3. REI is led by respected property investor Paul Bassi CBE, who has over 25 years of property experience in the West Midlands. Mr Ba...