Real Estate Investors returns to pre-tax profit | Midlands

Managing Director Paul Bassi

Real Estate Investors, headquartered in Birmingham, posted a pre-tax profit in the first half of the financial year.

The publicly traded mutual fund, with a portfolio of 1.53 million square feet of commercial real estate, has a profit before tax of 9 million 2020 for the six months ended June 30, 2021.

However, sales fell from £ 8.2 million to £ 7.7 million.

Paul Bassi, CEO, said, “We are pleased to report promising signs of market recovery after an extremely volatile 18 months. Both investor and user markets are improving with little noticeable distress and demand accelerates in the second quarter.

“Our diversified portfolio has continued to be resilient, protecting us from undue exposure to a specific downturn in the industry, and supporting robust rent take-in levels, with our like-for-like portfolio value increasing in the first half of the year.

“Although we see opportunities and renewed interest in a buoyant investor market, the legacy of the pandemic is still visible as our occupancy rates and income have yet to fully recover.

“Nevertheless, given the increasing demand and user decisions, strong investor interest and a healthy pipeline of new leases on our vacant space, we expect this activity to be reflected in increasing occupancy rates, improved earnings and a further recovery in valuation in the coming months, leading to a Increase our NAV and support our progressive dividend policy.

“REI is extremely well positioned in an active region that continues to attract immigrants from London and the South East alongside global companies like Goldman Sachs.

“We expect to continue benefiting from our location once our already vibrant region moves into the global spotlight in 2022 as it hosts the much-anticipated Commonwealth Games.”