West Midlands-based property group Real Estate Investors has posted a pre-tax loss of £1.9m for the six months to the end of June.
This reflects a revaluation deficit of £1.7m and a £71,000 loss on the revaluation of interest rate swaps, both of which are non-cash items.
Cash and cash equivalents amounted to £8m at the period end.
It said its contracted rent roll has increased 12% in the half year and will rise 50% after £13m of post-period acquisitions.
Its gross property assets were valued at £60.3m at the end of the period, while net assets decreased by 4% to £30.9m.
Chief executive Paul Bassi said: “Despite the doom and gloom in the financial markets we remain positive, focused and continue to run our business prudently with the view to improving rental income and subsequent capital growth.
“With our existing cash and agreed bank facilities, we will secure further opportunistic investments that will comply with our acquisition criteria of attractive yields, asset management, and rising capital values.”
bridget.o’connell@estatesgazette.com
