By Richard Hook2018-03-20T16:22:00
Midlands-focussed REIT Real Estate Investors has posted a record level of underlying profit before tax, increasing value to £6.2m with a 19.2% year-on-year rise.
The investment company headed by Paul Bassi increased its gross property assets to £213.1m in annual results to the end of 2017, up 5.5% from the 2016 figure of £201.9m.
REI acquired £18.4m of new property over the past twelve months to build its portfolio up to 1.5m sq ft of mixed-use assets, all based in the Midlands. Having achieved sales of £13.5m in the past year, overall occupancy on the portfolio increased to 94%, up 1.1% year-on-year.
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