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REI boosted by property recovery

Property group Real Estate Investors saw its profits spike over the first half of the year as property markets began to emerge from the doldrums. The firm said its rental income was up by 55 per cent to £1.7m over the six months to end of June, while pre-tax profit grew to £1.3m, from £0.7m over the same period last year. “I anticipate that our performance will continue to improve, as we turn our poor return from cash deposits into relatively high yielding income from a spread of investment property acquisitions,” said chairman Peter Lewin.