Business
Property Disposal and Letting Update
Property Disposal and Letting Update.
About this update from Real Estate Investors Plc
[{"type":"text","content":"\n \nRNS Number : 8782Y Real Estate Investors PLC 11 December 2017 \n\nReal Estate Investors Plc\n(\"REI\" or the \"Company\" or the \"Group\")\n \nProperty Disposal and Letting Update\n \nReal Estate Investors Plc (AIM:RLE), the Midlands focused property group and UK listed Real Estate Investment Trust ('REIT'), is pleased to announce the sale of 24 Bennetts Hill, Birmingham for a cash consideration of £4.00 million, which is a premium to book valuation and represents a 5.90% net initial yield. The investment property was acquired by the Company in December 2014 for £2.06 million. \nREI has also completed a major letting of 14,291 square feet in Peat House, Leicester, a prime city centre office building. The building is now fully occupied and producing a total rental income of £573,466 per annum with occupiers including everythingbranded.co.uk, Bellrock FM, Innes England and KPMG. \nPaul Bassi, CEO of REI, commented: \"We are delighted to complete this sale having added significant value through asset management, and our Peat House asset is now fully let which completes an excellent year of activity where we have been active as a buyer, seller and transacted significant lettings. We have achieved a record occupancy throughout the portfolio of 95%, which will provide the foundation for further dividend growth in line with the Company's stated progressive dividend policy.\n\"Our market reputation, available capital and banking facilities, will allow the Company to capitalise on market opportunities in 2018 and continue to grow our property portfolio.\" \nEnds\n \n \nEnquiries:\n \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/Ben Roberts\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 061 007\n\n\n\n\n \n \nAbout Real Estate Investors plc\n \nReal Estate Investors Plc is a publicly quoted property investment company with a portfolio of over 1,400,000 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 marke...