Midlands-focused REIT Real Estate Investors has reported a 3.9% increase in rents year-on-year and is “alert” to new acquisition opportunities, after upping its revenue in 2019.
The company said that contracted rents across its 1.6m sq ft portfolio, containing 53 properties, grew to £17.7m by the end of 2019.
During the year, the company completed 44 new lettings and nine lease renewals.
Paul Bassi, chief executive, said that despite “high levels of economic and political uncertainty creating a relatively static market in 2019, we have increased our revenues and covered our dividend payments.
“Looking ahead into 2020, we anticipate the pent-up requirement to trade that has been accumulating over the last 12 months being released, which is likely to stimulate our markets and create further opportunities for REI.
“Consolidation within the real estate sector is likely to create corporate activity during 2020, to follow the recent acquisitions of Mucklow and Hansteen and we remain alert to opportunities that are in the best interests of our shareholders.”
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