Custodian REIT PLC Purchase of Property Portfolio (7900K)
05 1월 2016 - 4:00PM
UK Regulatory
TIDMCREI
RNS Number : 7900K
Custodian REIT PLC
05 January 2016
5 January 2016
Custodian REIT plc
("Custodian REIT" or "the Company")
Purchase of Property Portfolio
Custodian REIT (LSE: CREI), the UK property investment company,
is pleased to announce the acquisition of a GBP55.1 million
portfolio of properties ("the Portfolio").
The Portfolio comprises four retail sites in Colchester,
Guildford, Portsmouth and Winnersh, three industrial properties in
Chepstow, Redditch and Warrington, and two offices in Edinburgh and
West Malling, with an average lot size of GBP6.1 million. Occupiers
include House of Fraser, Tesco, Reiss, Poundworld, Regus, Amco
Services, Laura Ashley, H Samuel, Pets at Home and Wickes.
The Portfolio represents nine of the 11 properties in the
'Target Portfolio' described in the Company's November 2015
prospectus, with the Company having sub-sold the remaining two
properties in the Target Portfolio, comprising an industrial unit
in Norbiton and three shops with offices above in Richmond at
prices of GBP5.8 million and GBP8.6 million respectively,
reflecting a blended net initial yield of sub 5%.
The Portfolio's current passing rent of GBP3.68 million reflects
a net initial yield of 6.32%, with an expected reversionary yield
of 6.89%. Following acquisition of the Portfolio, the Company's
average weighted unexpired lease term is 6.8 years.
The purchase price of GBP55.1 million was funded using the
Company's existing cash and debt facilities, following an issue of
new shares in December 2015, which raised GBP44.25 million (before
costs and expenses). The Company's net borrowings following the
acquisition have increased to 22.2% loan to value.
Commenting on the transaction, Richard Shepherd-Cross, Managing
Director of Custodian Capital Limited (the Company's discretionary
investment manager), said:
"The Portfolio is an excellent fit with our investment strategy,
comprising smaller lot size, good quality, secondary office, retail
and industrial assets diversified by tenant and region. I expect
this substantial addition to Custodian REIT's existing portfolio to
present economies of scale and enhance returns to shareholders
through the prompt deployment of proceeds from the recent share
issue, improving dividend cover. The Portfolio offers medium-term
income security together with the potential for a number of asset
management opportunities identified during the due diligence
process."
-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
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
ACQUGUCWGUPQGMC
(END) Dow Jones Newswires
January 05, 2016 02:00 ET (07:00 GMT)
Custodian Property Incom... (LSE:CREI)
과거 데이터 주식 차트
부터 7월(7) 2024 으로 8월(8) 2024
Custodian Property Incom... (LSE:CREI)
과거 데이터 주식 차트
부터 8월(8) 2023 으로 8월(8) 2024
