REI on the move as Crabtree takes the chair

REAL Estate Investors has switched its head office into the heart of Birmingham city centre.

The move from West Bromwich comes in a busy period for the company as it has also announced management appointments and held its annual general meeting.

REI has taken a floor in Cathedral Place, on Waterloo Street, the former HQ of the Birmingham Midshires Building Society which it bought for £3m and spent a further £1.5m refurbishing.

Company founder Paul Bassi says it will be “concentrated on Birmingham and the Midlands, with a focus on retail, offices and residential”.

He said: “There is a spending target of £100m over the 12 months, subject to attracting suitable properties that fulfil our purchase criteria.

“A close working relationship with the professional community is essential, this is why the executive team has made the move to the city centre.

“The existing West Bromwich base will house property management and administration. The move into Birmingham is long overdue. REI is well positioned in the present property cycle.”

REI has also announced this week that leading West Midlands business figure John Crabtree is to be its new chairman.

Mr Crabtree replaces Peter Lewin who announced his resignation in March as the company published its annual results. Mr Lewin will remain on the board as a non-executive director.

Also appointed is Caledonia Investments’ executive director William Wyatt as a non-executive director. Both appointments are with immediate effect.

Mr Crabtree OBE has a very wide variety of business, community and charitable interests, predominantly in the West Midlands, and until 2003 was senior partner of Birmingham-based law firm Wragge & Co.

Mr Wyatt is an executive director of Caledonia Investments, the FTSE 250-listed Investment Trust which owns 28.17% of REI. He is due to take over as chief executive of Caledonia in July.

At its AGM this week, REI also passed all resolutions.