10 September 2007
Real Estate Investors plc
("REI" or the "Company")
Property sales
Real Estate Investors plc (AIM: RLE), the West Midlands based property company,
announces that it has unconditionally exchanged contracts on the sale of two
investment properties in Southend and Portsmouth, respectively, for the
aggregate sum of £2,870,000 which is to be satisfied in cash.
The consideration represents a surplus of £260,000 above the properties'
valuation in December 2006 and, following the repayment of the mortgages, REI
has received net cash proceeds of over £1 million. The cash proceeds will be
used to fund future property acquisitions, in line with the Company's
investment strategy.
Enquiries:
Real Estate Investors plc +44 (0)121 524 2588
Paul Bassi
Smith & Williamson Corporate Finance Limited +44 (0)20 7131 4000
Azhic Basirov / Siobhan Sergeant
Notes to Editors
1. REI is an AIM listed property investment and development company
specialising in commercial property throughout the Midlands and Central England
2. 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
property assets
3. REI's Board is led by respected property-entrepreneur Paul Bassi, who has
over 23 years of property experience. Mr Bassi is also founder and chairman of
Bond Wolfe Auctioneers, one of the UK's largest (top 50) property auction houses
and estate agents, and chairman of Bigwood Chartered Surveyors
4. REI was admitted to trading on AIM in June 2004. In December 2006, REI
successfully raised £25 million to aggressively grow its property portfolio, at
that time, estimated to be worth approximately £28 million. Paul Bassi is the
largest shareholder in the Company
5. Further information on REI can be found at www. reiplc.com
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