12 September 2007
Real Estate Investors plc
("REI" or the "Company")
Property letting
Real Estate Investors plc (AIM: RLE), the West Midlands based property company,
announced the acquisition of the freehold of 102 - 106 Colmore Row, 1-6
Bennett's Hill in Birmingham City Centre in February 2007. This investment
property was acquired part-let from The Prudential for £6.35 million.
REI has now successfully let office space at Colmore Row to new tenants which
include InvestBX, Bigwood Chartered Surveyors, Weststaff UK Limited and Select
plc. The total new lettings amount to £164,613 per annum. The Company is
currently negotiating additional lettings which will provide further positive
uplift to the value of the investment.
In addition, REI has agreed terms on a major letting for Avon House, the new
development in Buntsford Gate, Bromsgrove which the Company acquired in March
2007. Further details will be announced in due course.
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