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Real Estate Investors plc (REI) has moved quickly to take advantage of market conditions by selling one of its prime Birmingham city centre locations.
The AIM-listed business has sold 24 Bennetts Hill, Birmingham, to Dunmore Ltd for £4 million, representing a 5.9% net initial yield. The investment property was acquired by the company in December 2014 for £2.06 million.
The announcement follows the recent news that REI had also completed a major letting of 14,291 sq ft in Peat House, Leicester, a prime city centre office building.
The building is now fully occupied and producing a total rental income of £573,466 per annum with occupiers including everythingbranded.co.uk, Bellrock FM, Innes England and KPMG.
REI CEO Paul Bassi, said: “We are delighted to complete the sale having added significant value through asset management and our Peat House asset is now fully let which completes an excellent year of activity where we have been active as a buyer, seller and transacted significant lettings.
“We have achieved a record occupancy throughout the portfolio of 95%, which will provide the foundation for further dividend growth in line with the company’s stated progressive dividend policy.
“Our market reputation, available capital and banking facilities, will allow the company to capitalise on market opportunities in 2018 and continue to grow our property portfolio,” he said.
Ends (218 words)
For further information, please contact:
Paul Bassi CBE DL D.UNIV, Chief Executive Officer,
Real Estate Investors plc, 2nd Floor, 75/77 Colmore Row, Birmingham B3 2AP
0121 212 3446
Prepared and issued by Andy Skinner of ASAP, 01789 490786, mobile, 07990 978257
About Real Estate Investors plc
Real Estate Investors plc is a publicly quoted property investment company with a portfolio of 1,400,000 sq ft of 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 of central Birmingham and 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 Real Estate Investment Trust (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 with the view to implementing a progressive dividend policy. Further information on the Company can be found at www.reiplc.com