Custodian REIT PLC Purchase of Property (9597H)
20 3월 2015 - 4:00PM
UK Regulatory
TIDMCREI
RNS Number : 9597H
Custodian REIT PLC
20 March 2015
20 March 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 GBP96.6 million.
The Company has acquired two industrial units in Leeds occupying
41,077 sq ft, with excellent links to the M1 and M621.
The units are let to Nationwide Crash Repair Centres Limited and
Sovereign Air Movement Limited on leases expiring on 24 December
2020 and 15 April 2021 respectively, with total passing rent of
GBP187,500 per annum, reflecting a net initial yield of 7.51%.
The agreed purchase price of GBP2.36 million was funded from the
Company's cash resources, with net borrowings following the
acquisition of 7.1% loan to value.
Commenting on the acquisition, Richard Shepherd-Cross, Managing
Director of Custodian Capital Limited (the Company's external fund
manager), said:
"In this increasingly competitive market, we are very pleased to
have made another strong addition to the industrial sector of the
portfolio. The property is centrally located adjacent to the Leeds
ring road. There is a severe shortage of quality industrial units
in the city which will result in minimal re-letting voids and
future rental growth."
-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 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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