Management increases shareholding in Birmingham-based REI plc
The management team behind AIM-listed property investment company Real Estate Investors plc (REI) has acquired a further 4,780,508 shares in the business.
Chief executive Paul Bassi has purchased 3,780,508 ordinary shares of 10p each at 28p per share, at a cost of £1.058 million, and finance director Marcus Daly has bought 1,000,000 ordinary shares, at a cost of £280,000.
Following these transactions, Mr Bassi has 16,000,000 shares, representing 9.26% of the company’s ordinary share capital and Mr Daly has 3,513,487 shares, representing 2.04% of the company ,a combined holding of 11.3%.
REI is the UK's only Midlands-focused Real Estate Investment Trust (REIT), with a portfolio of commercial property across all sectors.
The company has also completed a share buyback programme with a market value of up to £2 million of REI shares.
REI has a portfolio valued at £190 million at the half year, with pre-tax profits to 30 June 2022 of £8.3 million, including a £3.1 million gain on property revaluations.
