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Purchase of Property

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RNS Number : 0340Q
Custodian REIT PLC
07 September 2017
 
 

7 September 2017

 

Custodian REIT plc

 

("Custodian REIT" or the "Company")

 

Purchase of Property

 

Custodian REIT (LSE: CREI), the UK property investment company, is pleased to announce a further property purchase. 

 

The Company has acquired a 35,000 sq ft retail warehouse on Transit Way Retail Park, Plymouth, near the A38 Devon Expressway.  The site comprises two units occupied by Magnet and B&M, with nearby retailers including Argos, Tesco, Lidl and Matalan.

 

The units' leases expire on 26 January 2027 and 20 August 2027 respectively with a total passing rent of £400,000 per annum, reflecting a net initial yield1 of 6.79%.

 

The agreed purchase price of £5.525 million was funded from the Company's existing cash resources, resulting in net gearing2 increasing to 21.1% loan to value.

 

Commenting on the acquisition, Richard Shepherd-Cross, Managing Director of Custodian Capital Limited (the Company's discretionary investment manager), said:

 

"We are delighted to have secured this prominently located property within an established Plymouth out of town retail park.  Magnet and B&M are strong nationally established tenants which add to Custodian REIT's retail warehouse portfolio.  Magnet has been in occupation since the property was constructed and a recent comprehensive refurbishment, which split the property into two smaller units, has made it very attractive in the modern retail environment."

 

1 Passing rent divided by purchase price plus assumed purchasers' costs.

2 Gross borrowings less unrestricted cash divided by last published property portfolio valuation.

 

-Ends-

 

For further information, please contact:

 

Custodian Capital Limited


Richard Shepherd-Cross / Nathan Imlach / Ian Mattioli MBE

Tel: +44 (0)116 240 8740


www.custodiancapital.com

 

Numis Securities Limited


Nathan Brown / Hugh Jonathan

Tel: +44 (0)20 7260 1000


www.numiscorp.com

 

Camarco


Ed Gascoigne-Pees

Tel: +44 (0)20 3757 4984


www.camarco.co.uk

 

Notes to Editors

 

Custodian REIT plc is a UK real estate investment trust, which listed on the main market of the London Stock Exchange on 26 March 2014.  Its portfolio comprises properties predominantly let to institutional grade tenants on long leases throughout the UK and is characterised by properties with individual values of less than £10 million at acquisition. 

 

The Company offers investors the opportunity to access a diversified portfolio of UK commercial real estate through a closed-ended fund.  By targeting sub £10 million lot size, regional properties, the Company intends to provide investors with an attractive level of income with the potential for capital growth. 

 

Custodian Capital Limited is the discretionary investment manager of the Company. 

 

For more information visit www.custodianreit.com and www.custodiancapital.com.


This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
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Price: 117

Market: LSE
Market Cap: £478.77 m
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