Real Estate Investors plc, the West Midlands property group, recorded an 11.6 per cent increase in contracted rental income in the year to December 31, 2012.
Chief executive Paul Bassi said the increase was just one of the highlights of an outstanding year of progress which saw the company pay its inaugural dividend.
“It is the board’s intention to implement a progressive dividend payment to shareholders,” he said.
Occupancy rose to 86.75 per cent and Mr Bassi said the company had made excellent progress in 2012 with directors anticipating further success during 2013.
“There has been a significant improvement in bank lending and appetite for regional property assets from institutions, new funds and the corporate and private sector.
“The directors believe that statistics for 2012 will show a substantial increase in the
aggregate value and number of investment property transactions having taken place for the West Midlands region,” he said.
He added that REI’s success in 2012 had come as the regional economic backdrop has improved, with Jaguar Land Rover seeing record growth, which has had a positive impact on the local economy.
Letting inquiries and viewing across REI’s portfolio had risen significantly, driven by lease events and businesses growing and expanding.
He said: “Real Estate Investors plc remains well positioned with cash and excellent banking support to capitalise on opportunities that meet its criteria.”