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REO Real Estate

0.25
0.00 (0.00%)
07 Jun 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Real Estate LSE:REO London Ordinary Share GB0030364995 ORD NPV
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 0.25 0.00 01:00:00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
0 0 N/A 0

Interim Management Statement (5768V)

13/01/2012 5:31pm

UK Regulatory


Real Estate Opportunities (LSE:REO)
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From Jun 2019 to Jun 2024

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TIDMREO

RNS Number : 5768V

Real Estate Opportunities PLC

13 January 2012

Real Estate Opportunities plc ("REO" or "the Group"), [the real estate investment and development group active in the UK and Ireland] today issues its Interim Management Statement covering the period from 27 October 2011 to the date of this announcement.

Highlights:

l All existing upward-only rent reviews for commercial tenants will remain following the abolition of the plans to change legislation announced in the recent Irish Budget. This is a welcome development.

l Stamp duty has been reduced to 2% for commercial property transactions in the recent Irish Budget;

l By notices dated January 10 and 11, 2012, the National Asset Management Agency (NAMA) sought repayment of loans which had been advanced to certain Group subsidiaries. Following subsequent negotiations, agreement was reached between the Group and NAMA on a relatively short standstill period during which no action will be taken in relation to the repayment demands, and which will allow negotiations which have been taking place for some time between the Group and potential investors to continue.

Battersea Power Station:

As stated in the announcements of 12 December 2011, Ernst & Young have been appointed as administrators to REO (Powerstation) Ltd, REO (88 Kirtling St) Ltd, REO (8 Brooks Court) Ltd and REO (Site Assembly) Ltd, subsidiaries of Battersea Power Station Shareholder Vehicle Limited, the holding company of Battersea Power Station, in which REO has a 54% shareholding.

Property Portfolio:

Activity levels within the Investment portfolio in Ireland remained high during the final months of 2011. A total of seven new lettings were concluded with a combined rent roll of EUR527,000 pa.

These lettings are in line with a satisfactory level of activity within the portfolio in Ireland during 2011 when a total of 34,700 sq m of commercial office and retail space was leased or sold.

Outlook:

Trading conditions for the Company are going to remain challenging against the background of continued economic uncertainty and dysfunctional financial markets. It is worth noting however that the picture in Ireland is beginning to improve in respect of exports, FDI and tourism, all of which are performing strongly. Domestic demand however remains weak.

Enquiries:

Real Estate Opportunities plc

[Ray Horney, Chairman]

Tel: +44 (0)1273 775 225

Matrix Corporate Capital

Paul Fincham/ Jonathan Becher

Tel: +44 (0)20 3206 7000

Finsbury

Gordon Simpson/Arif Shah

Tel: +44 (0)207 251 3801

Murray Consult

Ed Micheau

Tel: +353 1 498 0300

This information is provided by RNS

The company news service from the London Stock Exchange

END

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