22nd Feb 2005 11:41
Real Estate Investors PLC22 February 2005 REAL ESTATE INVESTORS PLC Agreement to purchase commercial property portfolio Real Estate Investors PLC ("REI" or "the Company") announces that on 18 February2005, it entered into a conditional agreement to purchase five freehold,commercial properties for a total consideration of £3,499,320. The agreementprovides for the consideration to be paid as to £3,284,388 in cash and thebalance by the issue to the vendors of 1,999,367 new 1p ordinary shares in theCompany, at 10.75p per share. The properties are located in Wakefield; Devon; Manchester; Portsmouth; andNewport, South Wales and comprise retail, industrial, office and A3 leisureinvestments, all let on institutional leases. The tenants include Whitbread, JJBSports, J Coral and Barclays Bank. On completion of outstanding rent reviews,rental income from the portfolio will be approximately £250,000 per annum. Peter Lewin, Chief Executive of REI said: "Quality investments, let to strong tenant covenants, are the backbone of ourbusiness. These five properties meet our strict investment criteria and are animportant addition to our growing portfolio which, on completion of recentacquisitions, will have a value of approximately £20 million. Despite thecurrent highly competitive commercial property market, in the UK, we continue topurchase investments at sensible and realistic prices; the opportunity to issuenew REI shares is particularly welcome and is part of our stated investmentstrategy of providing vendors with a continuing interest not only in theproperties being sold, but in the whole REI portfolio." Further information: Peter Lewin - CEO 01923 776633Malcolm Lewin - FDReal Estate Investors PLC Christopher Joll 020 7491 7776mj2 ltd 22 February 2005 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
REI