Interim Management Statement (5768V)
13 Janvier 2012 - 6:31PM
UK Regulatory
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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