Listed property company Real Estate Investors posted a small rise in net asset value in the first half of the year, in spite of the downturn in the market.
The company, which invests in the West Midlands, saw net assets increase from £35.3m to £35.8m at 30 June.
Its portfolio increased in value by £6m to £49m, and it made a pretax profit of £663,000.
Chief executive Paul Bassi said that the company was aiming to take advantage of the downturn and grow in the next year and a half.
‘We are beginning to see the benefits of our strategy of acquiring property to which we can add value through asset management, thus benefiting from increased rental income and enhanced capital values, and this should be reflected in our results over the next 12 months,’ Bassi said. ‘We anticipate the next 12-18 month period as an ideal environment in which to significantly grow the group.
‘Our cash deposits continue to attract premium interest rates and these will only be employed where we see real value, and quality investment opportunities. We still have significant funding in place with our funders, with the ability to establish a £150 million portfolio over the next few years.’