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Purchase of Property

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RNS Number : 7312S
Custodian REIT PLC
05 October 2017
 

 

 

5 October 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 high street retail unit in Cardiff let to Sportswift Limited (trading as Card Factory) and Specsavers Optical Superstores Limited.  The property comprises two well configured retail units with upper floor sales and ancillary accommodation, located in the prime retail pitch of Queen Street.  Nearby shops include Next, Zara, Marks & Spencer, Boots and Top Shop.

 

The tenants' leases expire on 26 March 2020 and 23 June 2032 respectively with a total passing rent of £410,100 per annum, reflecting a net initial yield1 of 7.46%.

 

The agreed purchase price of £5.16m was funded from the Company's existing debt facilities, resulting in net gearing2 increasing to 18.7% 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 property located within the prime retail pitch of Cardiff city centre.  Its weighted average unexpired lease term of over nine years adds secure income to the portfolio and the unoccupied upper floors provide an opportunity to drive additional value."

 

1 Passing rent divided by valuation 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


Hugh Jonathan / Nathan Brown

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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Quick facts: Custodian REIT

Price: 117

Market: LSE
Market Cap: £478.77 m
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