Birmingham property investment group Real Estate Investors plc (REI) has been a victim of its own success – and has now had to move home on the back of a record year of property sales.
The fast growing AIM-listed firm sold its own head office – Cathedral Place, 42-44 Waterloo Street, Birmingham – last year to Canada Life for £4.606 million.
As part of its continued growth and strategy, REI has moved to prestigious offices based at 75/77 Colmore Row – part of the 200,000 sq ft of commercial property that REI now owns in Birmingham city centre.
The move marks the end of an exciting first half of 2015 which saw REI plc convert to REIT status, complete a successful £45 million placing, acquire £26.8 million of property, sell nearly £10 million of property and receive the prestigious award of “Listed Business of the Year” at the 2015 West Midlands Business Masters Awards.
Chief executive Paul Bassi said: “The new head office is located in a prime position on Colmore Row in Birmingham’s Business District.
“This was a great opportunity for us to relocate into one of our prominent properties and establish REI plc’s head office in the heart of the city.
“Our strategy remains to focus on investing in Birmingham and the wider Midlands region and continue with our progressive dividend policy.”