2016: No.44= - £85m
2015: No.45 - £80m
Paul Bassi’s property group, Real Estate Investors , posted record half year figures up to June 2015. Pre-tax profits and revenues grew as the company continued on its successful acquisition trail.
Profits for the half-year reached £8.1 million, up from £2.6 million the previous year. The company reported rental income of £3.7 million compared to £2.7 million. REI’s gross[property assets stood at £130.4 million - 25 per cent higher than 2014, while the firm’s property portfolio stands at one million sq ft of which 182,000 sq ft is high value property in Birmingham City Centre.
As one of the region’s most influential private landlords – not to mention the largest – REI has brought in a wide range of new tenants including itself. REI disposed of its former headquarters in Waterloo Street in a £4 million deal, and located to 75/77 Colmore Row in the heart of the business district.
Chief executive of AIM-listed Real Estate Investors, he set up his property company in 1983, creating Bond Wolfe which initially focussed on the West Bromwich area before branching out to cover Birmingham and the Midlands.
As the recovery in the property markets cements, Paul Bassi has reported a real improvement in confidence and occupier activity. The firm raised £40 million in a placing among leading city investors to fund future acquisitions. Full year 2014 figures showed pre-tax profits of £6 million on sales revenues of £8 million.
In February REI paid £1.85 million for 35-37 Great Charles Street close to the Paradise Forum redevelopment. In January REI announced the purchase of 24 Bennetts Hill for £2.06 million. In April the firm sold 770-772 Bristol Road South, Northfield for £1.425 million - a significant return on its purchase price.
Paul Bassi, the eldest son of a Black Country foundry worker, was awarded a CBE in 2010 in recognition of his services to business and the West Midlands community. His previous roles include High Sherriff of the West Midlands, president of Birmingham Chamber of Commerce, regional chairman of Coutts Bank and a director of Birmingham Hippodrome.
In 2003 he was awarded the PWC Entrepreneur of the Year award and two years later was the youngest ever recipient Lloyds TSB Midlands Lifetime Achievement Award.
Paul Bassi, who is 53, was born in Birmingham of Sikh Punjabi origin. He is married with three children. Among his assets is a portfolio of UK and overseas property. His interests include prestige cars, tennis and racquetball.