30th Jan 2017 08:37
LONDON (Alliance News) - Real Estate Investors PLC on Monday said it sold a property in Birmingham ahead of book value, thanks to continued strong demand for investment properties in the Midlands.
The Birmingham-based property group said it sold a retail investment property in the Chinese quarter of Birmingham for GBP2.7 million to L&C Investments Ltd, having bought the property with vacant possession and then selling it at 100% occupied. The sale was in excess of book value, Real Estate Investors said.
"Midlands investment property remains positively in demand and so we will continue to make selected sales where our asset management initiatives have been completed," said Chief Executive Paul Bassi.
"We continue to seek criteria compliant acquisitions at attractive yields where our asset management initiatives can add further value. The foundation of our near GBP200.0 million portfolio and the rental income from these properties continues to support our progressive dividend policy," Bassi added.
Real Estate Investors will announce its 2016 results on March 20.
Shares in Real Estate Investors were untraded on Monday, having last traded at 59.30 pence.
By Hannah Boland; [email protected]; @Hannaheboland
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