5 November 2008
Real Estate Investors plc
("REI" or the "Company")
Acquisition in Kings Heath
Real Estate Investors plc (AIM: RLE), the West Midlands based property company,
is pleased to announce that it has unconditionally exchanged contracts to
acquire 2 - 30 Alcester Road South, Kings Heath, one of Birmingham's most
successful retail centres, for the sum of £4.15 million in cash. The
acquisition is due to complete on 21 November 2008.
The property comprises an unbroken parade of 16 retail units which currently
provide a rental income of £391,600 per annum. The tenants include Lloyds
Chemist, Lunn Poly, The Post Office, Barnardo's, Oswald Bailey, PDSA and W H
Smith. All are let on institutional leases on full repairing and insuring
terms, providing rental growth prospects and further asset management
opportunities.
Enquiries:
Real Estate Investors plc +44 (0)121 524 1174
Paul Bassi
Smith & Williamson Corporate Finance Limited +44 (0)20 7131 4000
Azhic Basirov / Siobhan Sergeant
Notes to Editors
1. REI is an AIM listed property investment and development company
specialising in commercial property throughout the 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
property assets
3. REI's Board is led by respected property-entrepreneur Paul Bassi, who has
over 23 years of property experience. Mr Bassi is also founder and chairman of
Bond Wolfe Auctioneers, one of the UK's largest (top 50) property auction houses
and estate agents, and chairman of Bigwood Chartered Surveyors
4. REI was admitted to trading on AIM in June 2004. In December 2006, REI
successfully raised £25 million to aggressively grow its property portfolio, at
that time, estimated to be worth approximately £28 million. Paul Bassi is the
largest shareholder in the Company
5. Further information on REI can be found at www. reiplc.com