The company has focused on selling off individual properties within its portfolio, in particular those offering an uplift on previous book values.
REI has a total gross portfolio of £169.2 million with £8 million in cash at the bank. Loan to value is now down to 35.9% net of cash. Chief executive Paul Bassi said: “Despite a challenging property market, REI has sold £10.4 million of property in the year to date. Mr Bassi added: “Throughout 2023, investment and sales activity has been at its lowest level since the 2008 financial crisis, with corporate and institutional investors remaining dormant.
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