Real Estate Investors (RLE)

Sector:

Real Estate

Index:

FTSE AIM All-Share

 53.00p
   
  • Change Today:
      0.000p
  • 52 Week High: 58.00
  • 52 Week Low: 49.00
  • Currency: UK Pounds
  • Shares Issued: 186.42m
  • Volume: 86,458
  • Market Cap: £98.80m
  • RiskGrade: 74

Real Estate Investors buys West Bromwich block

By Josh White

Date: Wednesday 09 Mar 2016

LONDON (ShareCast) - (ShareCast News) - Real Estate Investors was looking at the possibility of a combined West Bromwich development on Wednesday, announcing its intention to purchase the freehold of West Plaza on the high street from Bond Wolfe Estates for £8m.
The AIM-traded real estate investment trust said the deal would be funded by cash from its existing resources and facilities. The property was valued at £8.1m by GBR Phoenix Beard on 5 February, it confirmed.

West Plaza was described as an 11 storey, 87,929 square foot building close to junction one of the M5 motorway. It adjoined Metro Court, a 26,000 square foot office building already acquired by REI in December 2008.

The building's current contracted annual rent was £656,050, and the independent estimated rental value was £712,918, though REI said its internal estimate was higher.

West Plaza's largest single tenant was Premier Inn, which had an 85-room hotel occupying six floors, at a current annual rent pf £310,000. That rent was due for review in April, though it didn't expire until April 2031 with a break in 2021.

The eighth floor was let to Bond Wolfe, a partnership in which REI's chief executive Paul Bassi was the principal equity holder, at an annual rent of £112,500.

"The acquisition is expected to enhance REI's net income and the company believes there is potential, in the longer term, for residential development of the property," REI's board said in a statement.

"[We] also believe there may be additional marriage value from combining the property with Metro Court, the adjoining property," it added.

Additionally, Bassi - who held a 65% shareholding in Bond Wolfe, was informed by other shareholders in that company that they wished to realise their investment in West Plaza.

He said he intended to re-invest his part of the net proceeds into REI in the market, which would add to the 375,000 shares he purchased in December 2015. REI's other directors said they consider the terms fair and reasonable.

Due to Bassi's shareholding in Bond Wolfe, the acquisition still required approval by REI shareholders at a general meeting.

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Note 1: Prices and trades are provided by Digital Look Corporate Solutions and are delayed by at least 15 minutes.

Note 2: RiskGrade figures are provided by RiskMetrics.

 

RLE Market Data

Currency UK Pounds
Share Price 53.00p
Change Today 0.000p
% Change 0.00 %
52 Week High 58.00
52 Week Low 49.00
Volume 86,458
Shares Issued 186.42m
Market Cap £98.80m
RiskGrade 74

RLE Star Ratings

Compare performance with the sector and the market.
more star ratings
Key: vs Market vs Sector
Value
22.75% above the market average22.75% above the market average22.75% above the market average22.75% above the market average22.75% above the market average
Sector averageSector averageSector averageSector averageSector average
Price Trend
12.58% below the market average12.58% below the market average12.58% below the market average12.58% below the market average12.58% below the market average
23.33% below the sector average23.33% below the sector average23.33% below the sector average23.33% below the sector average23.33% below the sector average
Income
80.67% above the market average80.67% above the market average80.67% above the market average80.67% above the market average80.67% above the market average
85.71% above the sector average85.71% above the sector average85.71% above the sector average85.71% above the sector average85.71% above the sector average
Growth
1.79% above the market average1.79% above the market average1.79% above the market average1.79% above the market average1.79% above the market average
40.35% above the sector average40.35% above the sector average40.35% above the sector average40.35% above the sector average40.35% above the sector average

What The Brokers Say

Strong Buy 1
Buy 0
Neutral 0
Sell 0
Strong Sell 0
Total 1
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RLE Dividends

  Latest Previous
  Q2 Q1
Ex-Div 26-Sep-19 27-Jun-19
Paid 31-Oct-19 26-Jul-19
Amount 0.94p 0.94p

Trades for 14-Oct-2019

Time Volume / Share Price
16:11 30,000 @ 54.00p
16:10 30,000 @ 54.00p
14:42 20,000 @ 54.00p
08:07 4,986 @ 54.00p
08:03 1,472 @ 54.00p

RLE Key Personnel

CEO Paul Bassi
Finance Director Marcus Daly

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