REI’s strategy on track after disposals of £13.4m in 2024
Real Estate Investors plc (REI) has made property sales totalling £13.4 million so far this year, reflecting the firm’s strategy of an orderly disposal of its portfolio.
Despite a challenging market, the sales to private investors and special purchasers have been at an aggregate uplift of 3.5 per cent on 2023 year-end book values, with a strong pipeline of further sales in process.
The Birmingham-based business has also continued its dividend policy, with a fully covered quarterly dividend of 0.5p per share to be paid for the second quarter of the year.
This brings the total paid to shareholders to £52.4 million since the dividend policy began in 2012.
Figures released for the half year to 30 June 2024 show that REI’s sales include completed disposals of £6.7 million and contracted disposals of £1.6 million, with a further £5.1 million of sales since the half year end.
The company has used the sales proceeds to pay down £6.4 million of debt in the first half of 2024, plus a further £3.6 million paid off since 30 June.
This has reduced total drawn down debt to £44.4 million, compared to the £67.9 million of debt at 30 June 2023.
