REI sells Latitude investment in Birmingham

Real Estate Investors plc, the Birmingham property group, has sold a retail investment in the city’s Chinese quarter.

The Latitude development has been sold for £2.7 million to L&C Investments Ltd. REI acquired it “off plan” from Taylor Wimpey in 2007 and took possession on completion in 2009.

The 11 retail units are now fully let.

REI chief executive officer Paul Bassi said: “This latest sale was in excess of our book value and follows on from our non-core sale of properties in Crawley and Norwich in December.”

He also announced that REI’s full year results for the year ending 31 December 2016 will be announced on Monday, 20 March, 2017, together with the final dividend payment for 2016.

“Midlands investment property remains positively in demand and so we will continue to make selected sales where our asset management initiatives have been completed.

“We continue to see criteria-compliant acquisitions where our asset management initiatives can add further value.

“The foundation of our near £200 million portfolio and the rental income from these properties continues to support our progressive dividend policy,” he said.