Custodian REIT PLC Purchase of Property (6377J)
21 12월 2015 - 4:00PM
UK Regulatory
TIDMCREI
RNS Number : 6377J
Custodian REIT PLC
21 December 2015
21 December 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.
The Company has acquired the 55,713 sq ft Phoenix Leisure Park,
Crewe, comprising four freehold units occupied by Pizza Hut, Mecca
Bingo, Odeon Cinemas and MFA Bowl. The park is near Grand Junction
Retail Park and within walking distance of the town centre and
railway station.
The units' leases expire between June 2030 and March 2040 with a
total passing rent of GBP523,625 per annum, reflecting a net
initial yield of 7.50%.
The agreed purchase price of GBP6.6 million was funded from the
Company's cash resources following an issue of new shares in
December 2015, which raised GBP44.25 million (before costs and
expenses). The Company has GBP40 million of term debt and an
undrawn GBP35 million revolving credit facility, with net
gearing(1) of 5.8% following the purchase. On completion of the
purchase of a portfolio of 11 UK commercial properties for an
aggregate consideration of approximately GBP69.4 million expected
to complete in early January 2016, the Company's net borrowings are
expected to increase towards the target ratio of 25% 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 recently refurbished
restaurant and leisure park that adds further long-term income to
the Company's portfolio at a price which demonstrates the value of
small lot size regional property. Crewe is dominated by two
established out of town parks, Phoenix Leisure Park and Grand
Junction. A McDonald's restaurant and Hungry Horse public house
have recently opened in the vicinity, which further establish the
location."
(1) Gross borrowings less unrestricted cash divided by property
portfolio valuation.
-Ends-
For further information, 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, 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 small lot sizes, with individual property values
of less than GBP7.5 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 smaller lot size 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
END
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