Business
Letting & Finance Update
Letting & Finance Update.
About this update from Real Estate Investors Plc
[{"type":"text","content":"\n \nRNS Number : 0722N Real Estate Investors PLC 27 January 2016 \n\nReal Estate Investors PLC\n('REI' or the 'Company' or the 'Group')\n \nLetting & Finance Update\nStrong increase in contracted rents in 2015\nNew £30 million, 5 year term loan facility\n \nReal Estate Investors plc (AIM : RLE), the Birmingham based property group and UK listed Real Estate Investment Trust, announces a successful letting at Peat House in Leicester City Centre. Bellrock FM has leased 21,715 sq ft on a new 10 year lease at £282,295 net p.a., the building is now almost fully let producing £494,130 p.a., other tenants include KPMG and Weightmans Solictors with an ERV of £562,835.\n \nDuring 2015 contracted rents have risen to £11.9m at the year end, up 54.5% (2014: £7.7m).\n \nAdditionally, the Company has agreed a new £30m, 5 year term loan facility with Royal Bank of Scotland, on an interest only basis at a margin of 1.75% over LIBOR, secured against part of the Company's unencumbered property portfolio.\n \nPaul Bassi, CEO of REI said \"Our contracted rents have seen excellent growth during 2015, and with our acquisition pipeline and improvement in occupier demand, we anticipate further growth during 2016, which will firmly support our commitment to continue to grow our dividend payment. \n \n\"The new bank facilities, together with existing cash, provide the capital to secure properties from our known pipeline, and grow our portfolio to in excess of £200m during 2016, subject to opportunistic sales.\"\n \n \nEnds\n\n\n\n\nReal Estate Investors plc\nPaul Bassi\n \n\n\n+44 (0)121 212 3446\n\n\n\n\nSmith & Williamson Corporate Finance Limited\nAzhic Basirov/David Jones\n \n\n\n+44 (0)20 7131 4000\n\n\n\n\nLiberum \nJamie Richards/Tom Fyson\n \n\n\n+44 (0)20 3100 2000\n\n\n\n\nGable Communications Limited\nJohn Bick\n\n\n+44 (0)20 7193 7463\n+44 (0)7872 061007\[email protected]\n\n\n\n\n \nAbout Real Estate Investors Plc\nReal Estate Investors Plc is a publicly quoted property investment company with a portfolio of over 1,000,000 sq ft of 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.\n \nThe Company's strategy is to invest ...