Real Estate Investors PLC £10 million Fixed Interest Facility (3611P)
October 10 2019 - 1:00AM
UK Regulatory
TIDMRLE
RNS Number : 3611P
Real Estate Investors PLC
10 October 2019
Real Estate Investors Plc
("REI" or the "Company")
GBP10 million Fixed Interest Facility
Real Estate Investors Plc (AIM: RLE), the London Stock Exchange
listed Real Estate Investment Trust (REIT) with a portfolio of 1.53
million sq ft of commercial property in the Midlands property
market across all sectors, is pleased to announce that it has taken
the opportunity to switch its existing variable rate GBP10.0
million loan facility with Lloyds Bank into a fixed interest rate
loan facility with an interest rate of 3.129% per annum until 30
November 2023. The facility with Lloyds Bank is secured against a
portfolio of REI's properties. Following completion of the new
facility, 77% of the Company's debt is in fixed interest rate form,
without increasing the average cost of REI's overall debt which
remains at 3.7%.
Paul Bassi, CEO, commented: "In line with our stated strategy,
we have taken advantage of the low interest environment to fix this
facility with Lloyds Bank which has given us increased certainty
over our cost of borrowings without raising our overall costs.
We are well placed, given our existing cash and banking
facilities, to maintain our opportunistic approach to acquiring
further criteria compliant assets and we anticipate concluding some
of our pipeline acquisitions in the near future."
Enquiries:
Real Estate Investors Plc
Paul Bassi/Marcus Daly +44 (0)121 212 3446
Cenkos Securities
Azhic Basirov/Katy Birkin +44 (0)20 7397 8900
Liberum
Jamie Richards/William Hall +44 (0)20 3100 2000
Allenby Capital
Nick Naylor/Asha Chotai +44 (0)20 3328 5656
Novella Communications
Tim Robertson/Fergus Young +44 (0)20 3151 7008
About Real Estate Investors Plc
Real Estate Investors Plc is a publicly quoted, internally
managed property investment company and REIT with a portfolio of
1.53 million sq ft of predominantly 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. The Company's strategy is to invest in well located, real
estate assets in the established and proven markets across the
Midlands, with income and capital growth potential, realisable
through active portfolio management, refurbishment, change of use
and lettings. The portfolio has no material reliance on a single
asset or occupier. On 1st January 2015, the Company converted to a
REIT. Real Estate Investment Trusts are listed property investment
companies or groups not liable to corporation tax on their rental
income or capital gains from their qualifying activities. The
Company aims to deliver capital growth and income enhancement from
its assets, supporting a progressive dividend policy. Further
information on the Company can be found at www.reiplc.com.
Certain information contained in this announcement would have
been deemed inside information for the purposes of Article 7 of
Regulation (EU) No 596/2014 until the release of this
announcement.
This information is provided by RNS, the news service of the
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END
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