Real Estate Investors, Birmingham’s only quoted property company, has reported a 3.6% rise in the value of its assets for the year, bucking the downturn in the market.
The company, founded by property veteran Peter Lewin, reported its portfolio is now worth £35.3m after property valuation gains of £807,000.
Turning loss into profit
REI, which was in its first year under the new executive team of chief executive Paul Bassi and financial director Marcus Daly, also reported profits of £1.77m.
This compared to a loss of £420,000 in 2006.
‘These results are particularly pleasing given the difficulties experienced by others in the market,’ said Bassi. ‘We have very healthy cash reserves, great access to capital and are well placed to make the most of the opportunities we are constantly striving to identify.’
Spending ambitions
Bassi said the company was still committed to developing a £150m property portfolio.
In January it raised £20m with the Birmingham office of the Bank of Scotland to provide a total £100m warchest.
The company intends to spend the money on commercial property in the Midlands.
