REI directors buy £500,000 worth of the company’s shares

TWO directors of Birmingham property investment company Real Estate Investors (REI) have purchased almost £500,000 worth of shares in the AIM-listed business.

Chief executive 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% of the company’s issued share capital.
 
Finance director Marcus Daly has purchased 375,000 shares at 66p per share which means he now holds 1,343,333 ordinary shares, representing 0.72% of the share capital of the company which is structured as a REIT (real estate investment trust).
 
The investment is likely to be seen as a vote of confidence in the business that in September 2015 announced half year figures showing a pre-tax profit increase of 211% and a 31% increase in revenue.

Just before Christmas REI announced it had spent a further £7,125,000 on two properties in Wolverhampton and Coventry, on top of a £22.23m spending spree at the end of October.

REI’s stated intention is to to build a £200m property portfolio in its Midlands heartland.

Bassi said: “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.”