Custodian REIT PLC Purchase of Property (0259G)
27 2월 2015 - 4:00PM
UK Regulatory
TIDMCREI
RNS Number : 0259G
Custodian REIT PLC
27 February 2015
27 February 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 GBP94.0 million.
The Company has acquired a 17,384 sq ft, four storey office
building in Glasgow city centre, with excellent transport links to
junction 19 of the M8, Central and Queen Street train stations and
Buchanan Street underground station.
The property is let to four tenants with lease expiries between
30 March 2018 and 29 September 2022, with total rental income of
GBP222,008 per annum, reflecting a net initial yield of 8.51%.
The purchase consideration of GBP2.465 million was funded from
the Company's cash resources following a placing of shares in
February 2015 which raised GBP22.6 million (before costs and
expenses). The Company's net borrowings following the acquisition
are 6.0% loan to value.
Commenting on the acquisition, Richard Shepherd-Cross, Managing
Director of Custodian Capital Limited (the Company's external fund
manager), said:
"We are delighted to have secured this recently refurbished,
fully-let office building in Glasgow city centre, which at a
purchase price of GBP142 per sq ft represents excellent value
relative to current and historical levels. The property benefits
from open-plan, 3,500-3,800 sq ft floor plates that are a good fit
with current occupational demand and we believe the property should
benefit from rental growth over the medium term."
- Ends -
For further information:
Further information regarding the Company can be found at the
Company's website www.custodianreit.com or please contact:
Custodian Capital Limited
Richard Shepherd-Cross / Nathan Tel: +44 (0)116 240
Imlach / Ian Mattioli 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 has raised a further GBP47.6 million
via two subsequent placings. 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
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