REI rounds off 2020 with late surge of deals

53-57 The Parade, Leamington Spa

Real Estate Investors plc (REI), the Birmingham-based AIM listed property investment business, rounded off 2020 with a flurry of deals across the Midlands.

Asset manager Ian Clark said REI had worked hard with tenants willing to engage across its portfolio during the past year.

“2020 will long be remembered as the year the pandemic hit the UK and from the outset we have worked closely with those tenants who have also wanted to work with us.

“We have been extremely proactive both as a company and as an asset management team within REI to recognize the situation our tenants find themselves in and reach deals that develop our relationships and work for both parties.”

In Redditch, Eat the World Ltd has taken Unit 4 in The Quadrant, the 4,333 sq ft former La Piccola Italian restaurant, which was on a 20 year lease from December 2020. Ben Truslove, joint managing director of John Truslove, advised REI.

Also in The Quadrant, a long term tenant, the hairdressing salon Ice Maidens, has committed to a new ten year lease. Jack Sears, who oversaw all the deals, said he was delighted to have been be able to support the future of a business that, like many, has faced uncertainty as a result of lockdown restrictions.

And Domino’s Pizza is set to take a lease which will commit them to The Quadrant until 2034. Donna Barnes of law firm SHMA acted for REI on all three leases.

Other key deals saw Leaping Man Learning Ltd agree a five year lease at York House from December 2020 for the entirety of the 1st and part of the 2nd floor in the Colmore Business District in Birmingham.

Charlotte Fullard at agents Vail Williams advised Ian Clark, asset manager at REI, with Donna Barnes at SHMA acting for REI once again.

In Leamington Spa, where REI has substantial holdings, Bladeroom Group Ltd has agreed a ten year lease to occupy the first, second and third floors of 53-57 The Parade, totaling approximately 2,033 of high qualify office accommodation within the heart of the town centre. Bladeroom provides high qualify data centres throughout the UK and Europe.

Hairdressing salon Toni & Guy has also signed a reversionary lease from December 2022 at 55 The Parade.

REI asset manager Jack Sears handled both deals in-house with Baldev Kang of law firm Clark Brookes Turner Cary advising on legal matters.

Jack Sears said: “In the run up to Christmas 2020, it was encouraging to see these deals gradually crossing the line after what had been a very difficult nine months for everyone in business. We look forward to continuing to develop our relationships with existing and new clients in 2021.”