9 November 2022

Real Estate Investors Plc

("REI" or the "Company")

Share Buyback Programme

Real Estate Investors Plc (AIM: RLE), the UK's only Midlands-focused Real Estate Investment Trust (REIT) with a portfolio of commercial property across all sectors, announces that the Board has approved the terms of a share buyback programme (the "Programme") to buy back the Company's ordinary shares of 10 pence each (the "Ordinary Shares") with an aggregate market value of up to £2.0 million.

The Programme, which will be funded from the Company's existing cash resources, is intended to reduce the share capital of the Company. The Company will seek to make market purchases at a price or prices that the Company believes will be value-enhancing for shareholders.

The Company has appointed Liberum Capital Limited ("Liberum") to execute and manage the Programme and has given a non-discretionary irrevocable instruction to Liberum to independently acquire Ordinary Shares in the Company for subsequent repurchase by the Company.

The Programme is expected to end no later than 31 December 2022 and a further announcement will be made if the Programme is subsequently extended or increased in scale. The Company intends to conduct the Programme within the limitations of the shareholder authority granted at the Company's AGM held on 20 May 2022, under which the minimum price which may be paid by the Company is 10 pence per Ordinary Share, and the maximum price which may be paid by the Company shall not be more than 5 per cent. above the average of the middle market quotations for an Ordinary Share as derived from the London Stock Exchange Plc for the five business days immediately preceding the date on which the Ordinary Shares are purchased.

Notwithstanding the average daily volume restrictions set out in Article 3(3) (b) of the Commission Delegated Regulation (EU) 2016/1052, the Company expects to make purchases in excess of these volume restrictions, subject to prevailing market conditions and liquidity.

The Company will hold as treasury shares any Ordinary Shares repurchased in accordance with the provisions of the Companies Act 2006 and will cancel the Ordinary Shares thereafter.

Certain of the information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the UK version of the EU Market Abuse Regulation (2014/596) which is part of UK law by virtue of the European Union (Withdrawal) Act 2018, as amended and supplemented from time to time.

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About Real Estate Investors Plc

Real Estate Investors Plc is a publicly quoted, internally managed property investment company and REIT with a portfolio of 1.47 million sq ft of mixed-use commercial property, managed by a highly-experienced property team with over 100 years of combined experience of operating in the Midlands property market across all sectors.  The Company's strategy is to invest in well located, real estate assets in the established and proven markets across the Midlands, with income and capital growth potential, realisable through active portfolio management, refurbishment, change of use and lettings.  The portfolio has no material reliance on a single asset or occupier.   On 1st January 2015, the Company converted to a REIT.  Real Estate Investment Trusts are listed property investment companies or groups not liable to corporation tax on their rental income or capital gains from their qualifying activities.  The Company aims to deliver capital growth and income enhancement from its assets, supporting its dividend policy, which has enjoyed 7 years of consecutive growth.  Further information on the Company can be found at www.reiplc.com.