Birmingham property group Real Estate Investors says it is continuing with its sales programme while reducing debt after announcing its annual results.
Listed Birmingham-based REI reported completed sales of £18.9 million in 2024, with an additional £1.6 million of completed and contracted sales since its year end.
It said disposal proceeds had been used to pay down £15.2 million of debt, reducing the company's total debt to £39.2 million.
This is down from £54.4 million at the end of 2023 and a further £1 million has been paid since the turn of this year.
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Chief executive Paul Bassi said: "We are on track with our three-year, orderly sales programme announced in January 2024 to repay our debt and return capital back to shareholders."
He said that, despite the early General Election in 2024 and the negative impact of the Autumn Budget on the property market and economic sentiment, REI completed £18.9 million of targeted sales aimed at the private investor market.
The company reported a pre-tax loss of £2.4 million, reduced from £9.4 million in 2023, primarily as a result of a revaluation deficit of £6.3 million on investment properties.
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Mr Bassi added: "There are signs that the property investment market is bottoming out and we anticipate stable and improving values ahead.
"We are optimistic that, with the anticipated improvements to the property market and against a backdrop of gradually reducing interest rates, planned sales to private investors in the first half of 2025 and larger asset sales in the second half of the year, along with further debt reduction, will be achieved.
"The pace of the sales strategy will be dependent on further interest rate reductions and no major adverse events.
"We will commence our capital repayment programme in due course while continuing to pay a covered dividend and we remain committed to maximising value for our shareholders."