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Custodian REIT plc (CREI)

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Monday 19 June, 2017

Custodian REIT plc

Purchase of Property

RNS Number : 3806I
Custodian REIT PLC
19 June 2017
 

 

 

19 June 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 the 23,007 sq ft Wells Green Retail Park in Sheldon, five miles from Birmingham city centre on the busy A45 Coventry Road.  The site comprises three units occupied by Dreams, Pets at Home and Halfords, with nearby retailers including Morrisons, Tesco, Topps Tiles and Aldi.

 

The units' leases expire on 28 September 2022, 26 September 2026 and 28 September 2027 respectively, with a total passing rent of £361,037 per annum reflecting a net initial yield1 of 6.64%.

 

The agreed purchase price of £5.1 million was funded from the Company's existing cash resources, resulting in net gearing2 increasing to 19.6% 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 Sheldon's retail pitch and on one of the main arterial routes into Birmingham city centre.  Halfords has recently signed a reversionary lease, demonstrating their dedication to the location.  With strong occupier interest being experienced at the proposed Sheldon Retail Park development, the area is showing signs of strong future growth potential."

 

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

 

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
 
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