REI executives continue to back the business

Real Estate Investors plc chief executive Paul Bassi has once again bought into the Birmingham AIM-listed company taking his stake in the business to ten million shares.

He and REI finance director Marcus Daly have both increased their shareholdings.

Mr Bassi bought 341,667 ordinary shares of 10p each at 62p per share. Mr Daly purchased 156,667 ordinary shares of 10p each at 62p per share.

The chief executive of the Real Estate Investment Trust now holds 5.36 per cent of the company with his FD holding 1,500,000 shares, representing 0.8 per cent of the company’s issued share capital.

The share purchase follows an earlier purchase in January this year when Paul Bassi bought 375,000 ordinary shares at a price of 66p per share, with Marcus Daly purchasing 375,000 shares at 66p per share.

The news comes on the back of annual results announced in March reporting record contracted rental income, profits, dividends and occupancy levels.

Profits were up 104 per cent to £12.2 million. Gross property assets were up 51 per cent from £104.4 million to £157.5 million in the financial year to December 31, 2015.

Dividends increased by 33 per cent from 2014 to 2015. The company is now making quarterly dividend payments.

Paul Bassi said: “With £70 million of cash and bank facilities, we have substantial funds to capitalise on market opportunities to grow REI’s portfolio and dividend further.”