Member Article

Real Estate Investors completes two South East disposals

Real Estate Investors has announced the sales of further properties from its South East portfolio as it continues to focus on its homeland in the Midlands.

The Birmingham-based Real Estate Investment Trust, which previously reported sales in 2015 totalling £12m, has produced further capital receipts to the Company of £4m as a result of two major disposals from its non-core portfolio.

These sales comprise a property in Surrey for £2.5m and a property in Watford for £1.5m, both of which are located outside of the company’s core markets of central Birmingham and the Midlands. Both sales were made at levels above the Company’s book values.

Paul Bassi, Chief Executive of REI, commented: “These recent sales are debt free and non-core. The capital receipts will provide additional funds to capture criteria compliant property in our current pipeline of acquisitions, where we have over £20 million of new purchases under offer or in legal process.

“In line with our strategy, we remain on track to grow our portfolio to in excess of £200 million within the next six months.”

This was posted in Bdaily's Members' News section by Ellen Forster .