Real Estate Investors PLC Renewal of Bank Facility & Notice of Results (9242Q)
March 03 2021 - 1:00AM
UK Regulatory
TIDMRLE
RNS Number : 9242Q
Real Estate Investors PLC
03 March 2021
Real Estate Investors Plc
("REI" or the "Company" or the "Group")
Renewal of Bank Facility & Notice of Results
Real Estate Investors Plc (AIM: RLE), the UK's only
Midlands-focused Real Estate Investment Trust (REIT), with a
portfolio of 1.59 million sq. ft. of investment property across all
sectors, today announces the refinancing of its existing debt
facilities and provides notice of the Company's 2020 Final
Results.
The Company's GBP51 million RBS term loan facilities, due to
expire in February 2021 (GBP41 million) and August 2023 (GBP10
million), have been renewed with National Westminster Bank plc
(following its merger with RBS) for a further 3 years at 2.25%
above LIBOR, with expiry of this facility due in March 2024,
secured on a portfolio of the Group's properties. The average cost
of debt across the Group remains at 3.4%.
Notice of Full Year 2020 Results
REI confirms that its final results for the year ended 31
December 2020 will be released on 30 March 2021.
Paul Bassi, Chief Executive, commented:
"This refinancing and our overall maintained cost of debt,
demonstrates our excellent banking relationships and access to
financing on competitive terms, supporting the Group's strategic
objectives."
Enquiries:
Real Estate Investors Plc
Paul Bassi/Marcus Daly +44 (0)121 212 3446
Cenkos Securities
Katy Birkin/Ben Jeynes +44 (0)20 7397 8900
Liberum Capital
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
1.59 million sq ft of mixed-use 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 its progressive dividend policy. Further
information on the Company can be found at www.reiplc.com .
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END
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