25 November 2008
Real Estate Investors plc
("REI" or the "Company")
Refurbishment of Cathedral Place
Real Estate Investors plc (AIM: RLE), the West Midlands based property company,
is pleased to announce that it has completed the £1.5 million refurbishment
programme at 42-44 Waterloo Street, Birmingham, known as Cathedral Place.
This boutique, grade II listed building has been refurbished to a high standard,
offering over 12,000 sq. ft. of offices over 6 floors and has been well received
by the city property community.
The offices are located on the corner of Temple Row and Waterloo Street, at the
hub of the commercial and professional sector in Birmingham's city centre.
Commenting on the refurbishment programme, Paul Bassi, Chief Executive, said,
"We are extremely pleased with the outcome of this project and have already
secured a 15 year letting to Caffé Nero on the ground floor, at an annual rent
of £68,000, with the remaining offices generating a considerable amount of
interest."
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