Custodian REIT PLC Purchase of Property (2015C)
15 1월 2015 - 4:00PM
UK Regulatory
TIDMCREI
RNS Number : 2015C
Custodian REIT PLC
15 January 2015
15 January 2015
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, bringing the
total funds invested following its initial placing and admission to
the Official List on 26 March 2014 to GBP87.5 million.
The Company has acquired a 60,187 sq ft industrial unit on the
Language Science Park, Plymouth. The unit is let to Geocel Limited
("Geocel"), a market leader in the development, formulation,
manufacture and marketing of quality sealants and adhesives used in
the building trade. The acquired unit comprises a manufacturing
facility and the UK head office of Geocel, a subsidiary of the
multi-national US paint manufacturer The Sherwin-Williams Company,
which also owns Ronseal, Purdy Professional Painting Tools and
Altax in the UK.
The unit is let on a reversionary lease, expiring on 30 May 2024
at a rent of GBP257,500 per annum, reflecting a net initial yield
of 7.49%.
The agreed purchase price of GBP3.25 million was funded from the
Company's existing facilities, with total funds of GBP17.0 million
now deployed from the Company's GBP25.0 million revolving credit
facility, bringing total borrowings to GBP27.0 million. Borrowings
have increased to 14.5% loan to value, in line with the stated
investment strategy of a target gearing ratio of 25% loan to
value.
Commenting on the acquisition, Richard Shepherd-Cross, Managing
Director of Custodian Capital Limited (the Company's external fund
manager), said:
"This well-specified industrial unit has been the head office
for Geocel for 25 years. The tenant has demonstrated a long-term
commitment to the building having agreed terms to take a
reversionary lease until May 2024 and to undertake significant
expenditure on the fabric of the building. This will allow for
their future operational developments at the site. The lease
provides a fixed rental uplift in May 2020 to GBP280,000
representing rental growth of 1.57% per annum until the next rent
review."
- Ends -
For further information, please contact:
Custodian Capital Limited
Richard Shepherd-Cross / Nathan Tel: +44 (0)116
Imlach / Ian Mattioli 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 ("REIT")
listed on the London Stock Exchange. The Company launched on 26
March 2014, acquiring a portfolio of GBP95 million of UK commercial
property. This was sourced from an existing portfolio of 48
properties held by clients of Mattioli Woods plc in a syndicated
structure. The diverse portfolio consisted of properties let to
institutional grade tenants on long leases throughout the UK.
The Company raised gross proceeds of GBP55 million through an
initial public offering and raised a further GBP25 million via a
subsequent placing. It invests in a diversified portfolio of UK
commercial properties to achieve its investment objective of
providing shareholders with an attractive level of income together
with the potential for capital growth through a closed-ended
fund.
The target portfolio is characterised by small lot sizes with
individual property values of less than GBP7.5 million at
acquisition.
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
ACQGGUAAGUPAGMC
Custodian Property Incom... (LSE:CREI)
과거 데이터 주식 차트
부터 6월(6) 2024 으로 7월(7) 2024
Custodian Property Incom... (LSE:CREI)
과거 데이터 주식 차트
부터 7월(7) 2023 으로 7월(7) 2024
