Birmingham property entrepreneur increases his stake in REI
PROPERTY entrepreneur and the chief executive of Real Estate Investors, Paul Bassi has increased his stake in the Birmingham-based company.
Mr Bassi has bought 341,667 ordinary shares of 10p each at 62p per share. The move takes his stake in the AIM-listed business to ten million shares.
REI finance director Marcus Daly has also increased his shareholdings. He has purchased 156,667 ordinary shares on the same terms.
Mr Bassi now holds 5.36% of the company with his FD holding 1,500,000 shares, equivalent to 0.8% of the company’s issued share capital.
The share purchase follows an earlier purchase in January this year when Mr Bassi bought 375,000 ordinary shares at a price of 66p per share, with Mr Daly purchasing 375,000 shares at 66p per share.
The purchases come on the back of annual results announced in March reporting record contracted rental income, profits, dividends and occupancy levels.
Profits were up 104% to £12.2m. Gross property assets were up 51% from £104.4m to £157.5m for the financial year to December 31, 2015.
Dividends increased by 33% from 2014 to 2015. The company is now making quarterly dividend payments.
Mr Bassi said: “With £70m of cash and bank facilities, we have substantial funds to capitalise on market opportunities to grow REI’s portfolio and dividend further.”
