Latest property articles


December 11, 2017

REI sells prime city centre office investment


Category: Property News
Click for larger image
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

www.reiplc.com

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



December 8, 2017

Developers pledge New Year start as High Town site gets green light


Category: Property News
Click for larger image
Plans to bring a fire-ravaged part of High Town in Hereford back to life have cleared the final hurdle.
Elevate Property Group, the Birmingham-based developer, has been granted detailed listed building and planning consent by Herefordshire Council to redevelop 16-18 High Town.
Work will start early in the New Year on the project, now known as Alban House, to build a total of 18 residential dwellings and two ground floor retail units.
The development will offer 8 one bedroom apartments, 6 two bedroom apartments and 3 two bedroom penthouses, together with one refurbished cottage, and associated parking.
The original buildings, which had their origins in the 15th and 16th centuries, with 18th and 20th century additions, were gutted by fire and have stood empty since October 2010.
For more than six years, attempts to redevelop the site failed until Elevate Property Group took a hand earlier this year and purchased the site.
The breakthrough in the six year saga came with an historical appraisal produced by Philip Belchere of Hereford architects Hook Mason Ltd.
In a report first produced in October 2015 and revised in May 2016, he secured agreement with Historic England that, in effect, the damage was too serious to warrant insisting on extensive retention of the existing fabric of the buildings.
The project will be managed and overseen by development managers BACE Construction Consultants.
A local contractor will be announced shortly.
Steve Dodd, managing director of Elevate Property Group, said: “It has been a long slog to get to this stage, with so many issues to be resolved, but I am now delighted that Herefordshire Council has given us the go ahead.
“We have worked closely with planning officers who have been supportive in understanding our vision for this site and helping us to create a satisfactory solution.”
Elevate has a tremendous track record in tackling renovation and refurbishment projects, especially in city centres. In the past two years, it has completed four such projects in Birmingham city centre now including some of the city’s most desirable homes.
Other projects include homes in Malvern, where the sympathetic yet contemporary conversion of the former Holywell chapel and music rooms in which Edward Elgar played and taught were rightly acclaimed as well as Well House school.
Steve Dodd added: “We are looking forward to bringing this site back to life and delivering new homes and shops that Hereford residents will welcome.
He said provisional prices were £135,000 for the one bedroom apartments, ranging up to £350,000. Selling agents are Arkwright Owens in Hereford on 01432 267213.
For more information, see http://www.elevatepropertygroup.co.uk/developments-grid/alban-house/
Ends (432 words)
For further information, please contact:
Steve Dodd, Managing Director,
Elevate Property Group, St Pauls House, St Pauls Square, Birmingham B3 1RB
0121 272 5729
http://www.elevatepropertygroup.co.uk
http://www.facebook.com/elevatepropertygroupuk
http://instagram.com/elevatepropertygroup
Editors’ Notes
Elevate Property Group creates exceptional architectural spaces.
Prepared and issued by Andy Skinner of ASAP PR – 01789 490786 or 07990 978257.



November 9, 2017

Clarke Oil targets further growth thanks to John Truslove


Category: Property News
Click for larger image
Ben Truslove with Emily Clarke, Steve Dixon and Paul Clarke from Clarke Oils.

A Midlands distributor has hit the expansion trail as it grows its presence oiling the wheels of the region’s industry and commerce.

Clarke Oil has moved from Studley to Redditch in a deal brokered by property agents John Truslove, who acted for landlord South Street Capital.

The business has taken 4,810 sq ft at 28 Dunlop Road, Hunt End, on a five-year lease.

Clarke Oil supplies high quality oil and greases to customers within the agricultural, automotive, commercial, plant & off-highway and industrial sectors.

Emily Clarke, a director of the family business, said: “We were looking for a bigger unit – our previous premises were 3,200 sq ft – and a site more accessible to our customers.

“We wanted somewhere close to Studley and near to local motorway networks. Dunlop Road fits the bill. Making this investment will enable us to push forward with our long term growth plans.”

Ben Truslove, a director of John Truslove, said: “It is great to see an ambitious local firm expanding rather than sitting on their laurels.

“I wish Clarke Oil every success because they are slick operators who have built a fantastic reputation over the past decade, I am sure this will be a good move for them.”

The company acts for two major players in the market. Fuchs Lubricants is the largest lubricants manufacturer in the world and Exol Lubricants is the largest UK-based manufacturer.

Clarke Oil was recently awarded Exol’s Distributor of the Year for 2016.

“We were thrilled to receive the award, Clarke Oil was incorporated in 2007 supplying local end user business with relatively small volumes, today we distribute in excess of 1 million litres a year across the UK and are still growing!” said Mrs Clarke.

Ends (286 words)

For more information, contact:

John Truslove, Daralbee House, Archer Road, Redditch, B98 8DJ

01527 584242

Prepared and issued by John Duckers of ASAP PR, 01789 490786, mobile, 07791 978705



November 8, 2017

REI reports record rent and new acquisitions


Category: Property News
Click for larger image
Birmingham-based property group Real Estate Investors plc (REI) has reported record contracted rent and a rise in overall occupancy in its latest trading update.

The AIM-listed real estate investment trust has also announced nearly £10m of successfully completed acquisitions.

REI chief executive Paul Bassi said: “These acquisitions have come through our longstanding regional network and against a stock-starved marketplace.”

They total £9.48m, providing a combined initial yield of 9.86%.

They include:

Market Place, Nuneaton, which was acquired for £1.98m, reflecting a net initial yield of 9.03% and comprises a 100% prime retail investment on the pedestrianised section of Market Place.

The property provides 29,051 sq ft of flexible retail accommodation and is let to Poundland Ltd until August 2022.

Venture Court, Wolverhampton was acquired for £2.5m at a net initial yield of 8.37% producing £222,565 per annum.

The property comprises a modern office on a busy business park and is let to Santander and Persimmon Homes with 1,952 sq ft of vacant offices to let and a WAULT of 4.0 years.

1-11 Park Street & 82-87 Bradford Street, Walsall was acquired for £5m at a net initial yield of 10.93%. The property comprises a prominent, unbroken retail parade on the prime pedestrianised retail pitch in Walsall town centre.

Approximately 85% of income is secured against multiple national tenants, with a WAULT of 6.10 years to expiry. The investment is fully let with a current passing rent of £582,720 per annum.

New tenants include Thomas Cook, Smart Ideas, Game Retail Ltd, Luda Bingo Ltd (guaranteed by Mecca Bingo Ltd), Shoe Zone Ltd, Robsco Solutions Ltd (Cash Converters), Paddy Power, Toni & Guy (North) Ltd.

REI has also sold £1.24m of property, bringing total 2017 sales to date to £13.64m.

These include:

1 Dutton Road, Coventry to Coventry City Council for a total consideration of £944,000 at a net initial yield of 8%. REI recently completed a five year lease extension with the occupational tenant (Personal Hygiene Services). The property was held on a long leasehold basis to Coventry City Council with 69 years remaining.

And 46 High Street, Bromsgrove, which was sold for £300,000.

Paul Bassi said: “We have additional properties under offer and anticipate completing further sales by the year end at book value or above.

“After allowing for £13.64m sales in 2017 and with the benefit of new acquisition and lettings from within our existing portfolio, our contracted rent has risen to a record £16.481 million per annum, up 10.6% since 31 December 2016.

“Overall occupancy is up at 95.1%, which compares favourably with 92.6% as at December 2016.”

He added that REI had fixed its existing variable £41m RBS facility at 2.75% until 20 January 2021, secured against a portfolio of property.

“This provides us with stability of cost, and 87% of our debt is now fixed. We are also in discussion to restructure our existing £20m Lloyds facility,” he said.

And he was particularly upbeat in his assessment of the vibrant Birmingham and Midlands economy

“Overall the Company’s portfolio is performing well and a significant part of our portfolio which was acquired during the downturn has excellent potential to add value from rental growth to current market levels.

“Furthermore, the regional investment market remains strong and we anticipate further sales in Q4, on properties upon which we have completed our asset management initiatives.”

“We continue to benefit from our investment strategy of investing in Birmingham and the Midlands into asset management opportunities for income and capital growth against the backdrop of a vibrant Birmingham and Midlands regional economy that is in the process of rebirth following decades of stagnation,” he said.

He pointed out that Inward investment, the relocation of HSBC headquarters, HS2, The Inland Revenue, the Commonwealth Games nomination, significant transport and infrastructure improvement at Birmingham Airport and Birmingham’s Grand Central Station, together with a growing economy, which is benefiting from Sterling depreciation, all provided a positive outlook for REI’s strategy and its ability to deliver a progressive dividend, which has grown year-on-year over the last five years.

He said: “With the benefit of sales, existing cash and bank facilities, we remain well positioned to capitalise on any market unrest due to Brexit negotiations and continue to purchase criteria compliant property acquisitions to grow our portfolio further.”

Ends (711 words)

For further information, please contact:
Paul Bassi CBE DL D.UNIV,
Chief Executive, Real Estate Investors plc, 2nd Floor, 75/77 Colmore Row, Birmingham B3 2AP
0121 212 3446
www.reiplc.com

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



November 6, 2017

Bulleys successfully sell five Black Country industrial units


Category: Property News
Click for larger image
Commercial property specialists Bulleys has succeeded in selling five industrial units in the Black County with a total space of more than 8,500 sq ft.

The chartered surveyors sold four adjacent units at Willow Court, Crystal Drive, Smethwick, part of Sandwell Business Park, and a larger unit at Credenda Road, West Bromwich.

The properties were all sold to different local businesses for figures which Bulleys said were either at or very close to the asking prices.

Angela Holland, part of the agency team at Bulleys’ Oldbury office who sold the Willow Court properties, said: “The four units sold quickly, reflecting the real shortage of smaller units on the market across the region.”

Max Shelley, a senior surveyor at Bulleys, which has offices in Wolverhampton, Oldbury and Telford, said: “The Credenda Way property was under offer within a month of Bulleys being instructed.

“Demand is good for units in this size bracket but the supply is continually reducing, so we’re keen to get more smaller unit instructions which we’ll be able to sell or rent swiftly.”

Meanwhile, Bulleys is now marketing the rental of a 2,987 sq ft unit at Kelvin Way Trading Estate, West Bromwich, at £5.50 per sq ft – or £16,500 per annum.

Mr Shelley added: “We’ve already had some good interest in this property and so anyone who’s keen in a unit in this area should contact us soon.”

Ends (229 words)

For further information, please contact

Steve Dyson, ASAP PR – 0781 8004575

Editors’ Notes

Founded in 1965, Bulleys is an established commercial and industrial property consultancy covering the West Midlands, Staffordshire and Shropshire. The firm has three offices in Wolverhampton, Oldbury and Telford.



November 2, 2017

Birmingham’s property hotspot status drives auction success


Category: Property News
Click for larger image
Birmingham’s reconfirmed position as one of Europe’s leading property hotspots is helping to drive the success of auctions in the West Midlands, an expert has claimed.

The 2018 Emerging Trends in Real Estate Europe report, published today [2 November] by PwC and the Urban Land Institute, once again ranks Birmingham as one of the highest-ranking UK cities for investment prospects – ahead of London and Edinburgh.

Based on the opinions of over 800 real estate professionals in Europe, Birmingham was ranked 21st, up one place from last year and ahead of Edinburgh at 26th and London at 27th.

The news comes just after SDL Auctions Bigwood raised £17.6 million at its latest auction in Birmingham on 18 October – the second highest total ever recorded in the West Midlands.

Rory Daly, auctioneer at SDL Auctions Bigwood, said: “With substantial infrastructure investment from HS2, the extension of trams and major investment in commercial property projects, it’s hardly surprising that Birmingham continues to climb the league table of Europe’s top cities.

“This ongoing prestige means that property auctions in the city are becoming more and more popular, as investors want a slice of the valuable cake that’s been baked in this great city.”

A total of £135 million has been raised by SDL Auctions across the UK so far in 2017 with £70 million raised in the SDL Auctions Bigwood Birmingham auction alone. Another busy auction room is expected at the next auction at Villa Park on 14 December.

The new 2018 Emerging Trends report suggests that Birmingham’s improved position could be in part due to investor cautiousness of overpriced properties in London, with regional cities being seen to provide better growth prospects.

Mr Daly added: “Despite Brexit uncertainty hitting London, there’s a confidence exuding from Birmingham that spreads across the West and the East Midlands, and this is something SDL Auctions Bigwood is seeing as a major growth factor in its business.

“There certainly couldn’t be a better time for owners seeking to sell their properties, and we’d like to invite them to join us on what we think will be another bumper day next month.”

Property owners interested in entering a property in the next SDL Auctions Bigwood auction on 14 December can request a free auction appraisal by calling 0121 233 5046 or emailing Birmingham@sdlauctions.co.uk.

Ends (387 words)

* Each property is subject to a Reserve Price which may be different from the Guide Price. For full definitions see www.sdlauctions.co.uk/glossary.

For further information, please contact:

Chrissie Watterson, Head of Marketing & Communications, SDL Auctions
chrissie.watterson@sdlauctions.co.uk
0115 902 1020

Prepared by Steve Dyson of ASAP PR – 0781 8004575

About SDL Auctions
SDL Auctions is one of the UK’s largest auction networks. It offers both conditional and unconditional lots via traditional in-room and online auctions and sells a wide range of residential and commercial properties on behalf of both private individuals and corporate clients from investment properties and vacant houses to building plots, mixed use buildings and others.

In 2016, SDL Auctions sold over 1,300 lots and raised more than £150m in sales for vendors. Throughout 2017 SDL Auctions will hold 30+ auctions at Villa Park in Birmingham, Pride Park Stadium in Derby, Chester Racecourse, Nottingham Racecourse, the King Power Stadium in Leicester, the bet365 Stadium in Stoke and the AJ Bell Stadium in Manchester.



November 1, 2017

Bulleys named TWICE as ‘Most Active Agent’ in the Midlands


Category: Property News
Click for larger image
Commercial property specialists Bulleys has been named twice as the ‘Most Active Agent’ in the Midlands in separate awards.

The chartered surveyors, with offices in Wolverhampton, Oldbury and Telford, was declared the Most Active Agent by Number of Disposals in the Midlands Industrial list of the CoStar Agency Awards 2017.

These awards, presented on Thursday 12 October, recognise the UK’s top commercial property agencies through a detailed analysis of thousands of deals collected by CoStar over 12 months.

Then on Friday 13 October Bulleys was named as the Most Active Agent in West Midlands for 2017 by the Estates Gazette, another highly-respected industry-watcher.

The latest award for Bulleys, which has offices in Wolverhampton, Oldbury and Telford, comes after the company was named both ‘Industrial Winner’ and ‘Overall Winner’ for the West Midlands in the EGi Deals Competition for 2016, announced in March this year.

Rod Spiby, partner at Bulleys, said: “We were delighted to receive these latest awards from CoStar and Estates Gazette, which both recognise the ongoing hard work undertaken by our dedicated agency team.

“We feel the awards highlight our widely respected reputation as local and regional specialists in the field of industrial and commercial property consultancy across the Midlands.”

Giles Newman, managing director of CoStar Group Europe, said: “We would like to congratulate everyone at Bulleys for their much-deserved award in the Midlands Industrial market.”

Mr Spiby said that the Midlands market has remained “very active” in 2017, and that Bulleys had matched the year-on-year levels of deals transacted in the first nine months of last year.

Speaking at the CoStar awards ceremony at the Council House in Birmingham, he said: “We have a strong manufacturing base and skilled workforces in and around the Black Country, identified by Jaguar Land Rover’s 2m sq ft new engine plant on the i54 Business Park in South Staffordshire, for which we are the sole agents.

“This significant investment in the region creates a magnet to other developments and there are many other businesses doing well in the area, which means the market remains very strong, despite potential concerns about Brexit.”

Mr Spiby added: “From the smallest local unit to multi-million pound schemes, Bulleys provides the right blend of skills and personalities.

“Our hands-on approach – which benefits from more than 50 years’ experience – continues to prove vital when it comes to working efficiently and effectively to exceed client requirements and expectations.”

Ends (400 words)

For further information, please contact

Steve Dyson, ASAP PR – 0781 8004575

Editors’ Notes

Established in 1965, Bulleys is an established commercial and industrial property consultancy covering the West Midlands, Staffordshire and Shropshire. The firm has three offices in Wolverhampton, Oldbury and Telford.



October 5, 2017

Janice upcycles her new career with the help of John Truslove


Category: Property News
Janice Nicholson “retired” to sunny Spain but got so bored she returned to the UK to go back into business.

Now, with support from property agents John Truslove, she has opened a second outlet in Bromsgrove.

First to launch was Upcyclists, a shop stocking reinvented old furniture, run in conjunction with colleague Gary Miller, at the Strand Center. With upcycling of furniture – painting, re-design, re-upholstery – currently all the rage, it has been doing well.

Now Holt House Vintage Interiors is up and running at Holt House, 49 Birmingham Road.

The 1,420 sq ft unit has been secured on a five year lease.

It too sells renovated pieces but also kitchen products, garden items and other goods.

The complex is effectively an emporium because others have also taken space there, with clothing, soft furnishings, vintage china and vintage toy retailers all under the one roof.

There is a coffee shop cum café called the Lite Bite and a further attraction is the serving of afternoon teas.

Ms Nicholson once worked in customer service for a leading supermarket but also operated on Ludlow Market.

She went on: “I retired to Spain for 12 years but got so bored I was working on the markets there too, specialising in large ladies clothing.

“I have always had an eye for putting things together and long been into upcycling … which is how the Upcyclists came about.

“But we needed something bigger and then Holt House became available. With a new Marks & Spencer store going up across the road we knew this was the place to be, where there would be a lot more footfall.

“Trade is progressively improving.”

Ian Parker, a director of John Truslove, said: “The emporium is just amazing – Bromsgrove has never seen anything like it.

“Hopefully Janice makes a big success of the venture.”

Holt House is described as a character building in a prominent position not far from the main High Street.

Ends (324 words)

For more information, contact:

John Truslove, Daralbee House, Archer Road, Redditch, B98 8DJ

01527 584242

Prepared and issued by John Duckers of ASAP PR, 01789 490786, mobile, 07791 978705



October 3, 2017

Quantuma administrators appointed to Herne Bay wind power company


Category: Property News
Click for larger image
Administrators at corporate recovery and business advisory firm Quantuma have been appointed at a Kent wind power company that has collapsed.

Quantuma partners Simon Bonney and Andrew Hosking are seeking to sell the intellectual property rights of X-Wind Power Ltd after attempts to rescue the business via an earlier Company Voluntary Arrangement failed.

The Herne Bay business, which was founded in October 2010, was set up to design and manufacture medium scale vertical axis wind turbines.

Following the acceptance of the Company Voluntary Arrangement, management made seven employees, including the directors, redundant and sought significant investment into the business. However, this was ultimately unsuccessful.

Simon Bonney and Andrew Hosking were then appointed administrators on 8 September 2017.

Simon Bonney said: “The company was in the early stages of its life cycle, involved in research and development, and therefore had not got to the stage of manufacture and sales.”

Expressions of interest in acquiring the intellectual property rights of X-Wind Power Ltd can be sent to simon.bonney@quantuma.com, or call 0203 856 6720.

Ends (172 words)

For further information, please contact:

Marie Wadeson, Head of Marketing,
Quantuma LLP, Vernon House, 23 Sicilian Avenue, London, WC1A 2QS
Tel: 07464 545678

www.quantuma.com

or Andy Skinner, Managing Director, ASAP PR – 07990 978257

Notes to Editors
Quantuma LLP is a leading corporate restructuring, insolvency and business advisory firm delivering partner-led solutions to businesses and individuals facing financial distress with offices in London, Southampton, Marlow, Watford, Brighton, Birmingham, Bristol and Manchester.


Bulleys appointed to manage Wolverhampton industrial estate


Category: Property News
Click for larger image
Commercial property agents Bulleys have been appointed to handle management and lettings at one of the main Wolverhampton industrial estates.

It follows a deal in which a private investor paid an undisclosed sum for the 7.32-acre Watery Lane Industrial Estate, Watery Lane.

Sold by Brierley Hill-based Hovi Developments, who were advised by Colliers International, the asking price was offers over £6.85 million.

The well-established complex comprises 37 units and totals 145,556 sq ft of space.

The estate is fully let to 13 tenants and is producing £546,843 per annum.

Steve Perriton, partner with Bulleys, which has offices in Wolverhampton, Oldbury and Telford, said: “This was a significant transaction.

“The units are occupied by various companies of all descriptions and sizes; bedrock businesses of the West Midlands.

“We are looking forward to improving the estate going forward on behalf of our client.”

Watery Lane Industrial Estate enjoys excellent communications.

It is located near the junction of Neachells Lane with the main A454 Willenhall Road, linking Wolverhampton city centre with the M6, Junction 10, via the Black Country Route dual carriageway. The Black Country Route and Black Country New Road also provide direct dual carriageway access to Junction 1 of the M5.

Ends (200 words)

For further information, please contact

Andy Skinner, ASAP PR – 07990 978257

Editors’ Notes

Founded in 1965, Bulleys is an established commercial and industrial property consultancy covering the West Midlands, Staffordshire and Shropshire. The firm has three offices in Wolverhampton, Oldbury and Telford.



September 18, 2017

REI declares £6.4 million profit and dividend up 20% in first half of 2017


Category: Property News
Click for larger image
Real Estate Investors plc (REI), the Birmingham-based property group and listed real estate investment trust, has turned in another impressive set of half year figures.

REI recorded a pre-tax profit of £6.4 million for the six month period to 30 June 2017, compared to a loss of £560,000 in the first half of 2016.

Underlying profits before tax were up 29.2% from £2.4 million in the first half of 2016 to £3.1 million.

The company will pay a second quarter divided on 0.75p, giving a total dividend for the first half of 2017 of 1.5p, up 20% on last year’s 1.25p.

REI has now recorded five years of year on year dividend growth.

During the first half of the year REI made sales of £12.4 million as the company recycles capital for future opportunities. Acquisitions, net of costs, totalled £8.9 million.

Paul Bassi, chief executive officer of Real Estate Investors plc, said: “Despite market and political uncertainty, we continue to benefit from our focused investment strategy, and a robust investment market.

“The weight of investment capital remains significant and investor demand for regional real estate has continued.

“We have made some strategic sales and will consider additional sales during the second half of 2017.

“With further acquisitions, we intend to maintain a £200 million portfolio and continue to grow the REI’s dividend payments, which have now seen five years of year on year growth.

“The West Midlands remains economically vibrant and a beneficiary of a much weakened sterling, and occupancy demand is set to benefit from the relocation of HSBC to Birmingham city centre and the HS2 investment in our region.”

The business is benefitting from record occupancy, up to 94.8% from 92.6% in the first half of 2016.
.
Mr Bassi said: “Demand across our retail and restaurant/bar units remains very strong and we have experienced competitive bidding and rental growth.

Demand for regional investment property remains strong - we are very much in a sellers’ market and have taken advantage of this by making sales totalling £12.4 million since the last year end.

“We anticipate further sales above book value in the second half of 2017, and also anticipate growing our rental income from acquisitions and lettings from within our existing portfolio, while maintaining a £200 million portfolio and a progressive dividend payment.

“There is limited criteria compliant property available to buy, and yet despite the level of competition for assets, we anticipate securing further criteria compliant property during H2, via our privileged network.

“We currently have £5 million of deals agreed and in legals and we are confident of securing further acquisitions before the year end,” he said.

He noted that the Midlands’ regional yield discount to London is still evident but said there has been a noticeable shift in focus from the South East markets to core regional markets including Birmingham.

There has also been strong interest in more secondary assets which is in part due to a lack of availability of prime assets. In the second half of 2017 prime yields are expected to remain unchanged, although transaction volumes are likely to increase as vendors look to capitalise on the depth of investor demand.

New acquisitions in the first half of 2017 included Maypole Retail Parade to the south of Birmingham, and a retail development at Barracks Road, Newcastle-under-Lyme

Sales have included Latitude, Bromsgrove Street, Birmingham for £2.7 million representing a net initial yield of 7.95% and ahead of cost and 31 December 2016 valuation.

REI also sold a non-core retail property in London Road, Norwich for £800,000 at a sale yield of 8.46% and The Broadway, Crawley for £1,925,000 at a sale yield of 8.87%.

More recently, the firm exchanged contracts to sell 6 Bennetts Hill, 102 Colmore Row, and 104-106 Colmore Row, three adjoining city centre offices, for a total consideration of £7.2million, reflecting a current net initial yield of 4.36% and a 4.35% capital premium above the December 2016 valuation. The sale completed on 2 August 2017, and so will be reflected in the H2 results.

Paul Bassi said: “Our objective for the second half of 2017 is to grow the portfolio further, subject to making strategic sales, and to grow our rental income.

“This will allow us to continue with our objective of growing our quarterly dividend payments, which have now seen five years of year on year growth, in line with our progressive dividend policy.

“We expect property yields to remain stable or compress further, particularly with the secondary market place increasing demand and a shortage of investment stock at the end of the year.

“REI remains confident that the outlook for our regional economy is positive, and that our portfolio will benefit from healthy occupancy levels and a growing rental income and revenues.”

But he pointed out: “There is no doubt that we are operating in a sellers’ market, and we will continue to make sales of assets that we believe are ready for sale or where we receive attractive offers.

“At the same time, our privileged network within the regional property community and our market reputation will assist us in securing further criteria compliant property that will provide capital growth potential and additional rental income.”

Ends (888 words)

For further information, please contact:

Paul Bassi CBE DL D.UNIV,
Chief Executive, Real Estate Investors plc, 2nd Floor, 75/77 Colmore Row, Birmingham B3 2AP

0121 212 3446

www.reiplc.com

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


REI declares £6.4 million profit and dividend up 20% in first half of 2017


Category: Property News
Click for larger image
Real Estate Investors plc (REI), the Birmingham-based property group and listed real estate investment trust, has turned in another impressive set of half year figures.

REI recorded a pre-tax profit of £6.4 million for the six month period to 30 June 2017, compared to a loss of £560,000 in the first half of 2016.

Underlying profits before tax were up 29.2% from £2.4 million in the first half of 2016 to £3.1 million.

The company will pay a second quarter divided on 0.75p, giving a total dividend for the first half of 2017 of 1.5p, up 20% on last year’s 1.25p.

REI has now recorded five years of year on year dividend growth.

During the first half of the year REI made sales of £12.4 million as the company recycles capital for future opportunities. Acquisitions, net of costs, totalled £8.9 million.

Paul Bassi, chief executive officer of Real Estate Investors plc, said: “Despite market and political uncertainty, we continue to benefit from our focused investment strategy, and a robust investment market.

“The weight of investment capital remains significant and investor demand for regional real estate has continued.

“We have made some strategic sales and will consider additional sales during the second half of 2017.

“With further acquisitions, we intend to maintain a £200 million portfolio and continue to grow the REI’s dividend payments, which have now seen five years of year on year growth.

“The West Midlands remains economically vibrant and a beneficiary of a much weakened sterling, and occupancy demand is set to benefit from the relocation of HSBC to Birmingham city centre and the HS2 investment in our region.”

The business is benefitting from record occupancy, up to 94.8% from 92.6% in the first half of 2016.
.
Mr Bassi said: “Demand across our retail and restaurant/bar units remains very strong and we have experienced competitive bidding and rental growth.

Demand for regional investment property remains strong - we are very much in a sellers’ market and have taken advantage of this by making sales totalling £12.4 million since the last year end.

“We anticipate further sales above book value in the second half of 2017, and also anticipate growing our rental income from acquisitions and lettings from within our existing portfolio, while maintaining a £200 million portfolio and a progressive dividend payment.

“There is limited criteria compliant property available to buy, and yet despite the level of competition for assets, we anticipate securing further criteria compliant property during H2, via our privileged network.

“We currently have £5 million of deals agreed and in legals and we are confident of securing further acquisitions before the year end,” he said.

He noted that the Midlands’ regional yield discount to London is still evident but said there has been a noticeable shift in focus from the South East markets to core regional markets including Birmingham.

There has also been strong interest in more secondary assets which is in part due to a lack of availability of prime assets. In the second half of 2017 prime yields are expected to remain unchanged, although transaction volumes are likely to increase as vendors look to capitalise on the depth of investor demand.

New acquisitions in the first half of 2017 included Maypole Retail Parade to the south of Birmingham, and a retail development at Barracks Road, Newcastle-under-Lyme

Sales have included Latitude, Bromsgrove Street, Birmingham for £2.7 million representing a net initial yield of 7.95% and ahead of cost and 31 December 2016 valuation.

REI also sold a non-core retail property in London Road, Norwich for £800,000 at a sale yield of 8.46% and The Broadway, Crawley for £1,925,000 at a sale yield of 8.87%.

More recently, the firm exchanged contracts to sell 6 Bennetts Hill, 102 Colmore Row, and 104-106 Colmore Row, three adjoining city centre offices, for a total consideration of £7.2million, reflecting a current net initial yield of 4.36% and a 4.35% capital premium above the December 2016 valuation. The sale completed on 2 August 2017, and so will be reflected in the H2 results.

Paul Bassi said: “Our objective for the second half of 2017 is to grow the portfolio further, subject to making strategic sales, and to grow our rental income.

“This will allow us to continue with our objective of growing our quarterly dividend payments, which have now seen five years of year on year growth, in line with our progressive dividend policy.

“We expect property yields to remain stable or compress further, particularly with the secondary market place increasing demand and a shortage of investment stock at the end of the year.

“REI remains confident that the outlook for our regional economy is positive, and that our portfolio will benefit from healthy occupancy levels and a growing rental income and revenues.”

But he pointed out: “There is no doubt that we are operating in a sellers’ market, and we will continue to make sales of assets that we believe are ready for sale or where we receive attractive offers.

“At the same time, our privileged network within the regional property community and our market reputation will assist us in securing further criteria compliant property that will provide capital growth potential and additional rental income.”

Ends (888 words)

For further information, please contact:

Paul Bassi CBE DL D.UNIV,
Chief Executive, Real Estate Investors plc, 2nd Floor, 75/77 Colmore Row, Birmingham B3 2AP

0121 212 3446

www.reiplc.com

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



September 13, 2017

Trent Bridge Quays to offer luxury living down by the riverside


Category: Property News
Click for larger image
Elevate Property Group has announced it is to start the construction of 95 houses and apartments perfectly placed on the banks of the River Trent, midway between the city centre and the highly desirable area of West Bridgford, Nottingham.
The development, to be known as Trent Bridge Quays, is Elevate’s first project in the East Midlands and its second joint venture with Investin plc.
The project has been hailed by David Hargreaves, managing director of agents FHP Waterside Living as one of the best located developments in the area.
He said: “Trent Bridge Quays provides purchasers with easy access to the city for work and West Bridgford’s bars, restaurants and retail offering for leisure. It’s a very clever location for all sorts of reasons.
“It is not in the city centre nor in West Bridgford but has a foot in both camps, with easy access to both the city centre and West Bridgford”
He said the announcement further enhanced Nottingham’s burgeoning riverside community with other developments such as Park Yacht Club and Trent Basin all adding to the mix.
“Trent Bridge Quays and these developments all benefit from each other and deliver something different.
“There is a lot of pent up demand in Nottingham for innovative developments such as this,” he said.
Trent Bridge Quays will continue Elevate’s commitment to delivering affordable luxury with properties ranging in price from £135,000 for a one-bedroom apartment, to £750,000 for a three-bedroom penthouse with rooftop garden and views across Nottingham and along the River Trent.
The development will consist of a range of three storey townhouses, all with terraces either to the front or rear, and apartments in large blocks flanking the River Trent and Meadow Lane. There will also be retail opportunities with two units in the development.
Elevate Property Group is the company behind a number of highly successful residential developments in Birmingham including Concord House, Honduras Wharf, St Paul’s House and Queensway House.
Its first joint venture with Investin plc was the development of Queens House in Coventry, a 62 apartment development that is almost sold out.
Steve Dodd, managing director of Elevate Property Group, said: “Trent Bridge Quays is being built in one of the most desirable areas in Nottingham.
“West Bridgford is the most expensive area of real estate in the East Midlands and so this development represents a significant project for Elevate.”
“The development sits within the Waterside Regeneration Area and has been specifically designed to provide a new public promenade along the river for pedestrians and cyclists.
The development stands where the Nottingham and Beeston Canal meets the River Trent.
The canal towpath provides a foot and cycle route right into the heart of the city and Nottingham’s vibrant nightlife.
The site on Meadow Lane will be popular not only with lovers of riverside living, but also sports enthusiasts.
It is within walking distance of Test Match and county cricket at Trent Bridge, Nottingham Rowing Club, Championship football at the City Ground of Nottingham Forest FC, Notts County FC at the Meadow Lane ground and Nottingham Rugby Football Club in nearby West Bridgford.
The project has been designed by the Birmingham office of international architects BDP and construction is expected to soon with the first homes available in the third quarter of 2018.
David Hargreaves said they were anticipating keen demand for Trent Bridge Quays.
“It is close by West Bridgford where house prices range from £200,000 to £4 million, an area that has the feel of a London suburb such as Chiswick or Putney. The area was named in a 2016 Lloyds Bank survey as a property hotspot and one of the most desirable places to live in the UK.
“We are already receiving inquiries about early off-plan opportunities, and we believe this reflects the strong interest there will be in this development.”
For further details, see http://www.elevatepropertygroup.co.uk/developments-grid/trent-bridge-quays/
Sole agents are FHP Waterside Living on 0115 841 1155, or email davidh@fhp.co.uk

Ends (656 words)
For further information, please contact:
Steve Dodd, Managing Director,
Elevate Property Group, St Pauls House, St Pauls Square, Birmingham B3 1RB
0121 272 5729
http://www.elevatepropertygroup.co.uk
http://www.facebook.com/elevatepropertygroupuk
http://instagram.com/elevatepropertygroup
Editors’ Notes
Elevate Property Group creates exceptional architectural spaces that respect how important your home is for easy living and well being.
Prepared and issued by Andy Skinner of ASAP PR – 01789 490786 or 07990 978257.



August 10, 2017

A&J Mucklow appoints Bulleys to handle major industrial portfolio


Category: Property News
Click for larger image
A&J Mucklow, the largest quoted investment property company in the Midlands, has shown its confidence in commercial property specialist Bulleys by appointing the firm to handle a further four Midlands industrial estates.

Bulleys has handled lettings on the Enterprise Trading Estate in Pedmore Road, Brierley Hill, for some years, but has now been appointed to a further four estates.

Bulleys, which has offices in Wolverhampton, Oldbury and Telford, will now represent the group on four sites in Halesowen – Mucklow Hill 1 Trading Estate, Mucklow Hill 2 Trading Estate, Shenstone Trading Estate and Forge Trading Estate.

The largest available unit of 9,900 sq ft on Shenstone Trading Estate was put under offer within two weeks of Bulleys being instructed.

Max Shelley, senior surveyor, said: “We have strong links with A&J Mucklow and this is a massive vote of confidence in the services we provide.

“Units are available on all five estates, suitable for a range of uses from industrial to trade and retail.”

One detached unit currently available is the largest on all five trading estates and is located at Forge Trading Estate.

The property extends to 14,141 sq ft and includes good quality office space, dedicated parking and loading areas fronting the unit and a secure yard.

A&J Mucklow Group plc, founded in 1933 and listed on the London Stock Exchange, is mainly focused on the West Midlands and offers occupiers a wide range of industrial and office space from 2,000 sq ft to over 100,000 sq ft.

Fisher German are jointly appointed with Bulleys on all five estates.

Ends (259 words)

For further information, please contact

Andy Skinner, ASAP PR – 07990 978257

Editors’ Notes

Established in 1965, Bulleys is an established commercial and industrial property consultancy covering the West Midlands, Staffordshire and Shropshire. The firm has three offices in Wolverhampton, Oldbury and Telford.



August 4, 2017

John Truslove helps Flotec Site Services make move to Redditch


Category: Property News
Click for larger image
Flotec director John Gardener with Ben Truslove of John Truslove Chartered Surveyors


A pipework company is pumped up for extra business after finding a new home in Redditch.

With the help of property agents John Truslove, Flotec Site Services Ltd has moved from shared premises in Oldbury to 77 Heming Road on the Washford Industrial Estate.

The firm, run by directors John Gardener and David Brueton, has taken 1,666 sq ft on a three-year lease.

It will be the company’s headquarters and fabrication shop.

Currently celebrating 20 years in business, work is focussed on the gas, steam, thermal oil and compressed air sectors.

End user clients include Babcock Wanson and cement group Cemex.

Over the years, Flotec Site Services has carried out installations in many parts of the world including North America, Europe and the Far East.

Mr Gardener said: “We chose Redditch because of the communications and ease of travel – I live in Bromsgrove and Dave is in Birmingham. It is working out well.”

Ian Parker, a director of John Truslove, said: “Flotec is the sort of gritty industrial business which is so much a part of Redditch.

“There are many complementary concerns in the town and I am sure Flotec already feels at home.”

Washford is one of Redditch’s most popular industrial estates with easy connections to the motorway network.

John Truslove is also currently marketing Units 78 – under offer – and 80.

Ends (222 words)

For more information, contact:

John Truslove, Daralbee House, Archer Road, Redditch, B98 8DJ

01527 584242

Prepared and issued by John Duckers of ASAP PR, 01789 490786, mobile, 07791 978705


John Truslove helps Flotec Site Services make move to Redditch


Category: Property News
Flotec director John Gardener with Ben Truslove of John Truslove Chartered Surveyors


A pipework company is pumped up for extra business after finding a new home in Redditch.

With the help of property agents John Truslove, Flotec Site Services Ltd has moved from shared premises in Oldbury to 77 Heming Road on the Washford Industrial Estate.

The firm, run by directors John Gardener and David Brueton, has taken 1,666 sq ft on a three-year lease.

It will be the company’s headquarters and fabrication shop.

Currently celebrating 20 years in business, work is focussed on the gas, steam, thermal oil and compressed air sectors.

End user clients include Babcock Wanson and cement group Cemex.

Over the years, Flotec Site Services has carried out installations in many parts of the world including North America, Europe and the Far East.

Mr Gardener said: “We chose Redditch because of the communications and ease of travel – I live in Bromsgrove and Dave is in Birmingham. It is working out well.”

Ian Parker, a director of John Truslove, said: “Flotec is the sort of gritty industrial business which is so much a part of Redditch.

“There are many complementary concerns in the town and I am sure Flotec already feels at home.”

Washford is one of Redditch’s most popular industrial estates with easy connections to the motorway network.

John Truslove is also currently marketing Units 78 – under offer – and 80.

Ends (222 words)

For more information, contact:

John Truslove, Daralbee House, Archer Road, Redditch, B98 8DJ

01527 584242

Prepared and issued by John Duckers of ASAP PR, 01789 490786, mobile, 07791 978705



July 25, 2017

Bulleys brokers Costa Coffee’s arrival at The Gateway


Category: Property News
Click for larger image
Commercial property specialists Bulleys are full of beans following Costa Coffee’s arrival at a major site off the M54 near Wolverhampton.

The chartered surveyors, who have been marketing three acre The Gateway, near Junction 2, first secured a Porsche dealership, leased to Pendragon Group, for the Stafford Road complex.

Now the firm is savouring this second letting – raising a glass to a newly-opened Costa Coffee Drive Thru.

That leaves just under 0.6 acres remaining, representing a further 4,000 sq ft of restaurant/retail/leisure/office accommodation.

Noel Muscutt, partner at Bulleys, which has offices in Wolverhampton, Oldbury and Telford, said: “It is a prime location, highly visible, with excellent communications and close by Jaguar Land Rover’s engine factory at i54.

“The Porsche scheme was granted planning consent in an exceptionally fast period of six weeks, reflecting the excellent support given by Wolverhampton Council for this prestigious development. Pendragon took a 15-year lease on a unit of circa 30,000 sq ft.

“Off the back of this deal Costa showed interest in the site which culminated in a successful letting, again for a period of 15 years, on an 1,800 sq ft Drive Thru unit with ancillary car parking and accommodation.”

The owner/developer, ASK Developments, intends to retain the two buildings which they have constructed on behalf of the occupiers as investment properties. Trebor Developments acted in a development consultancy role assisting in the construction of both.

Mr Muscutt, who negotiated both deals, went on: “It is excellent to see two household names taking occupation of The Gateway site which is a testament to its high-profile location. This part of the M54 corridor is now very active.

“We are currently promoting the final element of the site and are very hopeful it will prove equally appealing.”

Nearby amenities include a pub/restaurant with hotel, health & fitness centre, and local shopping.

Ends (306 words)

For further information, please contact

Andy Skinner, ASAP PR – 07990 978257

Editors’ Notes

Established in 1965, Bulleys is an established commercial and industrial property consultancy covering the West Midlands, Staffordshire and Shropshire. The firm has three offices in Wolverhampton, Oldbury and Telford.



July 4, 2017

Young property star joins SDL Auction Partners


Category: Property News
Click for larger image
SDL Auction Partners has appointed a young property star to help build the firm’s collaborative partnerships across the UK.

Jazmin Stones has joined the company’s head office in Chilwell, Nottingham, as sales and operations manager to coordinate the growth of the partnership network.

She will be the link with SDL Auction Partners’ business development team, working with more than 100 estate agent partners across the country.

SDL Auctions is one of the UK’s largest auction networks and holds more than 35 auctions across the country every year. Its SDL Auction Partners division allows estate agencies to offer properties at a live auction or in an online auction, while continuing to market it locally in the traditional way.

They can promote this additional route to sale, confident in the knowledge that SDL Auctions regular events are established and popular with buyers and sellers alike. The service not only applies to residential properties, but also to the sale of tenanted properties, land and commercial properties.

Ms Stones, aged 25, previously worked at Purplebricks estate agency in Birmingham, first as a local property expert and then heading up their concierge service. Before that she spent five years at Countrywide, joining as a Saturday viewer from college and training as a negotiator, valuer and lettings manager, before becoming a branch manager in Nottingham.

Andrew Parker, managing director and auctioneer at SDL Auctions, said: “We’re really pleased to have Jazmin working with us to help coordinate our teams as we expand our estate agency partnerships.

“She’s young but is already quite a property star and we’re confident her enthusiasm, commitment and knowledge will help drive this part of our business.”

Ms Stones, who lives in Farndon, near Newark, said: “I’m really enjoying the culture and ethos at SDL Auction Partners, which is so different to where I’ve worked before.

“The company is well-known and had great credibility as an auction network. They focus on being polite and professional at all times, always making sure they are working hard for the customer.”

Away from work, Ms Stones is a private buy-to-let landlord herself, already owning three properties.
Recalling her start in property straight from college, Ms Stones said that her parents had always owned buy-to-let properties and that this had inspired her to do the same.

She said: “I was saving money to start my own buy-to-lets and thought I may as well know what I’m buying by joining the sector.”

And thinking about her top tips for others interested in property, Ms Stones added: “Do your research. Never assume, never presume. People often put too much trust into other people. Make sure you have your own knowledge before you buy.”

For further information about SDL Auction Partners, visit the website at www.sdlauctions.co.uk.

ends (457 words)

For further information, please contact:
Chrissie Walker, Head of Marketing & Communications,
9 Regan Way, Chetwynd Business Park, Chilwell, Nottingham NG9 6RZ
chrissie.walker@sdlauctions.co.uk
0115 902 1020

Prepared by Steve Dyson of ASAP PR – 0781 8004575

About SDL Auctions
SDL Auctions is one of the UK’s largest auction networks. It offers both conditional and unconditional lots via traditional in-room and online auctions and sells a wide range of residential and commercial properties on behalf of both private individuals and corporate clients from investment properties and vacant houses to building plots, mixed use buildings and others.
In 2016, SDL Auctions sold over 1,300 lots and raised more than £150m in sales for vendors. Throughout 2017 SDL Auctions will hold 30+ auctions at Villa Park in Birmingham, Pride Park Stadium in Derby, Chester Racecourse, Nottingham Racecourse, the King Power Stadium in Leicester, the bet365 Stadium in Stoke and the AJ Bell Stadium in Manchester.



June 21, 2017

REI’s Gateway House now fully let


Category: Property News
Click for larger image
Instant Managed Offices Ltd has taken two floors at Real Estate Investors’ Gateway House in Birmingham city centre on behalf of Capita, the business process management and outsourcing solutions group.
The deal, for an annual rental of £87,074, involves the second and sixth floors of the building at 50-53 High Street.
It totals a combined 7,607 sq ft of space and a ten year term has been agreed.
Gateway House is now fully let.
REI senior asset manager Ian Clark said: “This latest letting once again reinforces the asset management strategy employed by REI in terms of making the most of the 27,000 sq ft complex and the local market knowledge we have.”
Gateway House occupies a prominent corner site bounded by High Street and Carrs Lane and forms part of Birmingham's central area.
Health food chain Holland & Barrett trades from the ground and first floors.
Lambert Smith Hampton acted for REI on the latest letting.

Ends (157 words)

For further information, please contact:

Paul Bassi CBE DL D.UNIV,
Chief Executive, 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 over 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.



June 14, 2017

REI capitalises on growing confidence in West Midlands property market


Category: Property News
Click for larger image
Real Estate Investors plc has moved quickly to take advantage of growing confidence in the Birmingham investment market.
The AIM-listed firm has sold a part-vacant investment property at 102-106 Colmore Row and 6 Bennetts Hill and bought two Midlands commercial estates.
The Birmingham city centre property has been sold to Cervidae Consultancy for £7.2 million, reflecting a current net initial yield of 4.36% at a premium to REI’s December 2016 year-end valuation.
The first purchase – a mixed use development at Alcester Road South, Maypole, Birmingham – has tenants including a 60-bed Travelodge Hotel, Wilko Retail Ltd, Ladbrokes, Halfords, Subway and KFC.
The site was acquired for £6.1 million at a net initial yield of 7.22%. The hotel and six ground floor retail units have a combined contracted rental of £469,875 per annum.
The second site – a leisure and retail investment at Barracks Road, Newcastle-under-Lyme – has been purchased for £2.8 million, at a net initial yield of 8%, producing £238,700 in annual rental income, rising to £261,696 from February 2018.
It has four purpose-built units and is let to three tenants, Exercise4less, Bathstore, and Domino’s.
REI chief executive officer Paul Bassi, CEO of REI, said: “Against a backdrop of political uncertainty, we have enjoyed an excellent period of activity during which we have secured a further £8.90 million of criteria compliant investment property.
“We have further improved our occupancy and contracted rental income together with a strategic sale, while maintaining a near £200 million portfolio.
“These recent acquisitions provide immediate income and asset management opportunities and have the potential to provide capital growth.
“We believe that economic uncertainty from Brexit negotiations will provide further opportunities for acquisitions, which together with transactions that are already under offer will deliver increased contracted rental income in 2017, which is in line with our strategy to support the further growth of our fully covered dividend payments.”

Ends (310 words)

For further information, please contact:

Paul Bassi CBE DL D.UNIV,
Chief Executive, Real Estate Investors plc, 2nd Floor, 75/77 Colmore Row, Birmingham B3 2AP
0121 212 3446

www.reiplc.com

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 over 1,000,000 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 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.


Recent Articles

Developers pledge New Year...
Future secured as...
Thursfields shortlisted for...
Clarke Oil targets further...
REI reports record rent and... more...




Categories

Business News
Andy's Columns
Financial News
Law News
News
Other News
Play
Property News
Work


For more property articles see our Archive

Business Event Diary