Real Estate Investors Buys Birmingham Property For GBP4.5M

21st Jul 2010 12:18

LONDON (Dow Jones)--Real Estate Investors PLC (RLE.LN), a West Midlands based property group, Wednesday announces that on July 19, it unconditionally exchanged contracts to acquire the property at 75-77 Colmore Row, Birmingham for GBP4.5 million in cash. MAIN FACTS: -The property comprises a prime listed office building in the heart of the city centre, comprising 18,676 square feet over five floors, and is fully let to PricewaterhouseCoopers LLP until Dec. 24, 2013, producing annual rental income of GBP400,000. -The Directors believe that the property provides significant asset management scope as the tenant has vacated and the property is currently sublet. -The Company anticipates completing the acquisition on or around July 28. -Also recently acquired two sites for a total of GBP335,000. -These sites have the potential to be redesignated as residential land and they will be sold once planning consent is obtained. -New rentals for the year to date have resulted in additional contracted rental income of over GBP400,000 per annum for the Company. -In the process of completing a number of other lettings which have been agreed, subject to contract, which the Directors anticipate should complete in the next few months. -Shares at 1117 GMT unchanged at 6.5 pence. By Iain Packham, Dow Jones Newswires; 44-20-7842-9269; [email protected] (END) Dow Jones Newswires July 21, 2010 07:18 ET (11:18 GMT)