Birmingham property investors are backing their business with their own brass. Real Estate Investors’ chief executive Paul Bassi and finance director Marcus Daly have purchased almost £500,000 worth of shares in the AIM-listed real estate investment trust.
The near half million pound investment is a very public vote of confidence in the growing Midlands-based investment business that in September 2015 announced half year figures showing a pre-tax profit increase of 211 per cent and a 31 per cent increase in revenue.
Just before Christmas REI plc announced it had spent a further £7,125,000 on two properties in Wolverhampton and Coventry, on top of a £22.23 million spending spree at the end of October.
The news further reinforces REI’s stated intention to build a £200 million property portfolio in its Midlands heartland.
Paul Bassi said: “In September we announced record annual contracted income that will provide the foundation for further dividend growth, in line with the company’s stated progressive dividend policy.
“We have enjoyed an excellent year in which we will have secured record gross property assets. Our market reputation, available capital and banking facilities, will allow the company to capitalise on market opportunities in 2016.”
In the latest transaction, Paul Bassi has purchased 375,000 ordinary shares at a price of 66p per share, and now holds 9,658,333 ordinary shares, representing 5.18 per cent of the company’s issued share capital.
Marcus Daly’s purchase of 375,000 shares at 66p per share means he now holds 1,343,333 ordinary shares, representing 0.72 per cent of the company’s issued share capital.