14 January 2013
Real Estate Investors plc
("REI" or the "Company")
Review of 2012
Real Estate Investors plc (AIM: RLE), the West Midlands based property group, is pleased to present a review of the Company's business for 2012.
Highlights
· Payment of an inaugural dividend. The Board's intention is to implement a progressive dividend payment to shareholders.
· Contracted rental income at the year ended 31 December 2012 has risen to £6,653,014, an increase of 11.6%.
· Occupancy at 86.75%
During 2012, the Company made excellent progress and the Directors anticipate further success during 2013. There has been a significant improvement in bank lending and appetite for regional property assets from institutions, new funds and the corporate and private sector. The Directors believe that statistics for 2012 will show a substantial increase in the aggregate value and number of investment property transactions having taken place for the West Midlands region.
The regional economic backdrop has improved, with Jaguar Landrover seeing record growth, which has had a positive impact on the local economy. Letting enquiries and viewing across the Company's portfolio, and more generally, have risen significantly, driven by lease events and businesses growing and expanding.
The Company remains well positioned with cash and excellent banking support to capitalise on opportunities that meet its criteria.
Enquiries:
Real Estate Investors PLC Paul Bassi |
+44 (0)121 212 3446 |
Smith & Williamson Corporate Finance Limited Azhic Basirov / Siobhan Sergeant |
+44 (0)20 7131 4000 |
Liberum Chris Bowman / Richard Bootle |
+44 (0)20 3100 2000 |
Notes to Editors
1. REI is an AIM listed property investment company specialising in commercial and residential property principally in the West 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 and residential property assets.
3. REI is led by respected property investor Paul Bassi CBE, who has over 25 years of property experience in the West Midlands. Mr Bassi is also founder and non-executive chairman of Bond Wolfe and non-executive chairman of CP Bigwood Chartered Surveyors.
4. REI was admitted to trading on AIM in June 2004. As at 30 June 2012 its portfolio and inventories were valued at £73.5 million.
5. Further information on REI can be found at www.reiplc.com.
