Profit spikes at Asda billionaire’s property empire

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Mohsin and Zuber Issa were shareholders in Asda together until 2024.
Mohsin and Zuber Issa were shareholders in Asda together until 2024.

Profit at the property empire co-founded by a billionaire backer of supermarket giant Asda spiked to a new record in 2024, it has been revealed.

Monte Blackburn was set up by brothers Mohsin and Zuber Issa in 2016 and has a number of property interests across the North West of England.

The billionaire brothers, who also set up EG Group together in Blackburn, were both previously co-owners of Asda alongside TDR Capital and Walmart before Zuber sold his shares to the private equity firm in 2024.

Now, new accounts filed with Companies House for their property business show its pre-tax profit jumped from £13.9m to £60.2m during its latest financial year.

Over the same period, the firm’s turnover also increased from £12.3m to £15.9m.

In the accounts, Monte Blackburn said it had continued to expand its investment property portfolio in the year while also realising “significant gains” from the disposal of assets.

It added that the increase in its turnover reflected growth in rental income from its commercial property holdings.

It also achieved a profit of £28m from property disposals which helped it achieve a record operating profit of £42.5m, up from £12.3m.

Asda billionaire’s property firm enjoys gains

Monte Blackburn added: “The results underline the continued strong performance of the property portfolio and management’s ability to generate value through both rental income and capital appreciation.”

At the end of 2024, the company’s assets stood at £416.6m, up from £379.7m, while its investment properties were valued at a total of £282.4m, up from £261.1m.

On its future, the Issa brothers’ firm said: “The company intends to continue with its strategy of property development and investment in the UK, with a focus on enhancing rental income streams and maximising capital returns.

“The strong cash position and distribution reserves provide flexibility to reinvest in new opportunities, further strengthen the balance sheet or consider shareholder distributions where appropriate.”