The management team behind AIM-listed property investment company Real Estate Investors has picked up a further 4,780,508 shares in the business.
Chief executive Paul Bassi (pictured) has purchased 3,780,508 ordinary shares of 10p each at 28p per share, at a cost of £1.058m, and finance director Marcus Daly has bought 1,000,000 ordinary shares for £280,000.
Following the deals, Bassi now has 16,000,000 shares, representing 9.26% of the company’s ordinary share capital. Daly’s 3,513,487 shares represents a 2.04% stake.
REI is the UK’s only Midlands-focused REIT, with a portfolio of commercial property across all sectors. Its portfolio was valued at £190m at the half year, with pre-tax profits to 30 June 2022 of £8.3m, including a £3.1m gain on property revaluations.
The move by Bassi and Daly marks a further consolidation for the REIT, which has also completed a £2m share buyback programme.
To send feedback, e-mail piers.wehner@eg.co.uk or tweet @PiersWehner or @EGPropertyNews
