Midlands-focused REIT Real Estate Investors has chalked up a £14m pretax profit after last year’s £20m loss.
The picture was helped by a £4.9m gain on revaluations, as well as £1.2m profit made from disposals and a £1.4m surplus on a hedge valuation.
REI sold 15 properties over the year, for a total of £17.5m, which it used to pay down £11.9m of debt.
However, underlying profit before tax was just £6.4m, down from 2020’s £8.1m.
The REIT’s portfolio rose in value by 2.7% to £190m.
CEO Paul Bassi said: “Despite the restrictions imposed by the pandemic, REI has had a respectable year. We believe we are set to see further valuation gains and occupancy improvement during 2022 and that this already active regional market is likely to be further boosted by the upcoming 2022 Commonwealth Games.”
He added: “Having successfully weathered the global pandemic and two years of Brexit fiasco, we recognise the Russian invasion of Ukraine may well have a negative impact on commercial activity generally in 2022 and beyond.”
To send feedback, e-mail piers.wehner@eg.co.uk or tweet @PiersWehner or @EGPropertyNews
