Business
Acquisition and Disposal Update
Acquisition and Disposal Update.
About this update from Real Estate Investors Plc
[{"type":"text","content":"\n \nRNS Number : 0794C Real Estate Investors PLC 14 January 2015 \n \n\n14 January 2015\nReal Estate Investors Plc\n(\"Real Estate Investors\" or \"the Company\")\n \nAcquisition and Disposal Update\n \nReal Estate Investors plc (AIM: RLE) the West Midlands based property group has completed the acquisition of 24 Bennetts Hill, a prime City centre office with ground floor restaurant and bar for the sum of £2.06 million producing £235,000p.a rent at a yield of 10.80% and a WAULT of 9.8 years. Tenants at the property include Punch Taverns, Specsavers and Zapaygo. \n \nThis property provides a variety of asset management opportunities to enhance rental income and value.\n \nAdditionally, Real Estate Investors has unconditionally sold land in Bilston, West Midlands for the sum of £1.875 million (a price significantly above book value).\n \nReal Estate Investors also secured a number of lease completions prior to the year-end which will contribute to the company achieving record contracted rental income.\n \nPaul Bassi, Chief Executive of Real Estate Investors Plc, commented: \"These transactions, coupled with our conversion to a Real Estate Investment Trust (REIT) as of 1st January 2015, and a secure and stable property portfolio, leave REI well positioned to grow our rental income and continue with our progressive dividend policy throughout 2015.\"\n \n \nEnquiries:\n\n\n\n\nReal Estate Investors Plc\nPaul Bassi\n \n\n\n \nT: +44 (0)121 265 6400\n\n\n\n\nSmith & Williamson Corporate Finance Limited\nAzhic Basirov\n \n\n\n \nT: +44 (0)20 7131 4000\n\n\n\n\nLiberum Capital\nChris Bowman / Jamie Richards\n \n\n\n \nT: +44 (0)20 3100 2000\n\n\n\n\nGable Communications Limited\nJohn Bick\n\n\nT: +44 (0)20 7193 7463\nM: +44 (0)7872 061007\nE: [email protected]\n\n\n\n\n \nNotes to Editors\nReal Estate Investors is an AIM listed property investment company with a £100 million commercial and residential portfolio principally in the West Midlands and central England.\n \nReal 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 resident...