Custodian REIT PLC Disposal of Property (2677Y)
16 5월 2016 - 3:00PM
UK Regulatory
TIDMCREI
RNS Number : 2677Y
Custodian REIT PLC
16 May 2016
16 May 2016
Custodian REIT plc
("Custodian REIT" or the "Company")
Disposal of Property
Custodian REIT (LSE: CREI), the UK property investment company,
is pleased to announce the disposal of a property from its
portfolio.
The Company has sold a purpose-built student residential
building in Lenton, Nottingham for GBP1.2 million, ahead of cost
and 31 March 2016 valuation. The property was fully let for the
next academic year prior to marketing.
The property was part of the initial portfolio acquired on the
Company's admission to the London Stock Exchange in 2014. Following
the disposal and placing of new shares announced on 13 May 2016,
net borrowings have decreased to 12.2% loan to value. The Company
intends to use the proceeds from the disposal to fund acquisitions
better aligned to its stated investment strategy.
Commenting on the disposal, Richard Shepherd-Cross, Managing
Director of Custodian Capital Limited (the Company's external fund
manager), said:
"Due to the size and nature of use, this asset was identified as
being non-core within our ongoing strategy. Over the last two years
we have secured rental growth and now a profit on exit. We believe
the proceeds can be reinvested to produce an enhanced income return
which is a stronger fit with the balance of the portfolio and
better supports dividends and future dividend growth."
- 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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