Real Estate Investors renews banking facilities and reveals date of 2020 year end results
Real Estate Investors plc (REI plc), the UK’s only Midlands-focused Real Estate Investment Trust (REIT), with a portfolio of 1.59 million sq. ft. of investment property across all sectors, has announced the refinancing of its existing debt facilities.
The company’s £51 million RBS term loan facilities, due to expire in February 2021 (£41 million) and August 2023 (£10 million), have been renewed with National Westminster Bank plc (following its merger with RBS) for a further three years at 2.25% above LIBOR, with expiry of this facility due in March 2024, secured on a portfolio of REI’s properties.
The average cost of debt across the company remains at 3.4%.
REI chief executive Paul Bassi said: “This refinancing and our overall maintained cost of debt, demonstrates our excellent banking relationships and access to financing on competitive terms, supporting the company’s strategic objectives.”
REI has also given notice that the company’s 2020 final year results for the year ended 31 December 2020 will be announced on Tuesday 30 March 2021.
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For further information, please contact:
Paul Bassi, Chief Executive Officer,
Real Estate Investors plc, 2nd Floor, 75/77 Colmore Row, Birmingham B3 2AP
0121 265 6406 or 0121 212 3446
Prepared and issued by Andy Skinner at ASAP, 01608 651203, mobile, 07990 978257
About Real Estate Investors Plc
Real Estate Investors Plc (REI Plc) is a publicly quoted, internally managed property investment company and REIT with a portfolio of 1.59 million 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.