Real Estate Investors Plc (REI) has today released its preliminary results for the year ended 31 December 2014, reporting record revenue, profits and dividends.
The report shows that revenue was up by 19 per cent, profits were up by 21 per cent and dividends rose by an impressive 50 per cent.
A £20 million capital raise in March 2014 was successfully deployed on acquisitions. The total spent on acquisitions came in at £29.4 million, which overtook 2013’s figure of £2.3 million.
There was a rigorous focus on asset management which delivered added value across the portfolio, driving rental growth in the process.
The report also shows a dramatic increase of 37 per cent in Gross Property Assets, which stand at £104.4 million.
As of 1 January 2015, REI became a Real Estate Investment Trust (REIT).
Paul Bassi, CEO of REI, commented: “Record profits, gross property assets and dividend payments reveal an excellent year of progress that provides the basis for continued growth and delivery of a progressive dividend policy.
“Acquisition opportunities remain healthy and will continue to grow our portfolio. We also make selected sales where we consider we have maximised our management and will capitalise upon our status as a Real Estate Investment Trust.
“We anticipate further rental growth and improved occupancy levels, benefiting from a growing regional economy that is clearly emerging as a major economic powerhouse in the UK”.
Real Estate Investment Plc was established in 2004 and today has a portfolio of over £100 million in commercial and residential property.
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