Custodian REIT PLC Purchase of Property (1150I)
23 3월 2015 - 4:01PM
UK Regulatory
TIDMCREI
RNS Number : 1150I
Custodian REIT PLC
23 March 2015
23 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 GBP100.9 million.
The Company has acquired a prime 63,240 sq ft distribution unit
on the Normanton Industrial Estate, West Yorkshire, located at
junction 31 of the M62.
The unit is let to Your Electrical Supplies, Service and
Solutions (B) Limited (trading as YESSS Electrical), on a lease
expiring on 18 June 2022 with a rent review on 19 June 2017. Total
passing rent is GBP282,300 per annum, reflecting a net initial
yield of 6.28%.
The agreed purchase price of GBP4.25 million was funded from the
Company's cash resources, with net borrowings following the
acquisition of 9.3% loan to value.
Commenting on the acquisition, Richard Shepherd-Cross, Managing
Director of Custodian Capital Limited (the Company's external fund
manager), said:
"Despite an initial yield of 6.28% we believe the property will
show a reversionary yield of circa 7% following the 2017 rent
review, as prevailing market rents for prime distribution units in
this location are comfortably in excess of the current passing
rent. The purchase price reflects a capital value of GBP67.20 per
sq ft, which represents good value for this high quality unit. The
M62 corridor is a nationally recognised distribution hub and, as
such, commands strong competition for modern, well positioned
properties of this ilk. YESSS Electrical operate the unit as their
UK headquarters and principal distribution hub, demonstrating their
belief in the strength of the unit and its location."
-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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