4 July 2014
Real Estate Investors Plc
("Real Estate Investors" or "the Company")
Property Sale
Real Estate Investors Plc (AIM: RLE), the West Midlands based property group confirms that it has sold Cathedral Place, 42-44 Waterloo Street, Birmingham to Can Life UK for the sum of £4.606m.
The property which totals 12,933 sq ft has achieved price per square foot of £356 and a net initial yield of 4.12%.
Paul Bassi, Chief Executive, commented: "This sale is significantly above our book value and more accurately reflects the potential value of properties within our portfolio and reveals a much improved regional property investment market. We continue to receive interest in a number of our properties and are in discussion in respect of other sales which will provide the Company with returns in line with our expectations."
Enquiries:
Real Estate Investors Plc Paul Bassi |
T: +44 (0)121 265 6400 |
Smith & Williamson Corporate Finance Limited Azhic Basirov |
T: +44 (0)20 7131 4000 |
Liberum Capital Chris Bowman / Jamie Richards |
T: +44 (0)20 3100 2000 |
Gable Communications Limited John Bick / Justine James |
T: +44 (0)20 7193 7463 M: +44 (0)7872 061007 E: [email protected] |
Notes to Editors
Real Estate Investors is an AIM listed property investment company with a £75.2m (as at 31 Dec 2013) commercial and residential portfolio principally in the West Midlands and central England.
Real Estate Investors 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.
Real Estate Investors is led by respected property investor Paul Bassi CBE, who has over 30 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. Real Estate Investors was admitted to trading on AIM in June 2004. Further information on Real Estate Investors can be found at www.reiplc.com.
