2 December 2022

Real Estate Investors Plc

("REI" or the "Company")

Transaction in Own Shares and Completion of Share Buyback Programme

Real Estate Investors Plc (AIM: RLE), the UK's only Midlands-focused Real Estate Investment Trust (REIT) with a portfolio of commercial property across all sectors, announces that on 1 December 2022, it purchased 1,142,857 ordinary shares of 10 pence each (the "Buyback Shares") on the London Stock Exchange through Liberum Capital Limited ("Liberum"), in accordance with the terms of its share buyback programme announced on 9 November 2022 (the "Programme").

In accordance with Article 5(1)(b) of Regulation (EU) No 596/2014 as it applies in the UK (the Market Abuse Regulation), the table below contains detailed information of the individual trades made by Liberum as part of the Programme.

Individual transactions:

Following the above transaction, the Company announces that the Programme to purchase an aggregate market value of up to £2.0 million of the Company's ordinary shares of 10 pence each (the "Ordinary Shares"), has been completed in accordance with its terms.

In aggregate, between 9 November 2022 and 1 December 2022, the Company repurchased 7,142,857 Ordinary Shares at an average purchase price of 28 pence per share (the "Buyback Shares").

All 7,142,857 Buyback Shares purchased under the Programme previously held in treasury have been cancelled. Therefore, the total number of Ordinary Shares in issue and carrying voting rights is 172,651,551 with no Ordinary Shares held in treasury.

The above figure of 172,651,551 may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under the FCA's Disclosure Guidance and Transparency Rules.

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About Real Estate Investors Plc

Real Estate Investors Plc is a publicly quoted, internally managed property investment company and REIT with a portfolio of 1.47 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 dividend policy, which has enjoyed 7 years of consecutive growth.  Further information on the Company can be found at www.reiplc.com.