Pictured above: Paul Bassi
Real Estate Investors, the West Midlands-based property group,
has completed the acquisition of 32.1 acres of land in Tredegar,
South Wales, for £1 million in cash.
The site has planning consent for 283 houses and expands REI's
portfolio of residential development sites.
The company spotted the opportunity and conditionally exchanged
contracts on the deal in January 2009.
REI said it now intended to put the land on the market.
Chief executive Paul Bassi said: "This was an opportunistic
purchase made in the depth of the financial crisis.
"We are confident that the future sale of the site will provide
Real Estate Investors with a very healthy return."