Real Estate Investors PLC Portfolio Update and Notice of Results (3773V)
January 30 2017 - 1:00AM
UK Regulatory
TIDMRLE
RNS Number : 3773V
Real Estate Investors PLC
30 January 2017
30 January 2017
Real Estate Investors plc
('REI' or 'the Company')
Portfolio Update and Notice of Results
Real Estate Investors plc (AIM:RLE), the Birmingham based
property group and UK listed Real Estate Investment Trust ('REIT'),
is pleased to announce the sale of an investment property and the
date for the announcement of its financial results for the year
ending 31 December 2016.
Portfolio Update
In addition to the non-core sales in Crawley and Norwich that
were announced in December 2016 for the sum of GBP2.725m, the
Company has completed the sale of a retail investment property
known as "Latitude", located in the Chinese quarter of Birmingham,
for GBP2.7m to L & C Investments Limited. REI acquired this
property with vacant possession, put in new tenants and have sold
it 100% occupied. This sale was in excess of book value.
Notice of Results
The Company's results for the year ending 31 December 2016 will
be announced on Monday 20 March 2017, together with the final
quarterly dividend for 2016.
Paul Bassi, CEO of REI, commented: "Midlands investment property
remains positively in demand and so we will continue to make
selected sales where our asset management initiatives have been
completed. We continue to seek criteria compliant acquisitions at
attractive yields where our asset management initiatives can add
further value. The foundation of our near GBP200m portfolio and the
rental income from these properties continues to support our
progressive dividend policy."
Ends
Enquiries:
Real Estate Investors plc
Paul Bassi +44 (0)121 212 3446
Smith & Williamson Corporate
Finance Limited
Azhic Basirov/David Jones +44 (0)20 7131 4000
Liberum
Jamie Richards/Ben Roberts +44 (0)20 3100 2000
Gable Communications Limited +44 (0)20 7193 7463
John Bick +44 (0)7872 061 007
About Real Estate Investors plc
Real Estate Investors plc is a publicly quoted property
investment company with a portfolio of over 1.4 million 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 market across all sectors.
The Company's strategy is to invest in well located, real estate
assets in the established and proven markets of central Birmingham
and 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.
This information is provided by RNS
The company news service from the London Stock Exchange
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