Custodian REIT PLC Purchase of Property (7655D)
02 5월 2017 - 3:00PM
UK Regulatory
TIDMCREI
RNS Number : 7655D
Custodian REIT PLC
02 May 2017
2 May 2017
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 a 22,663 sq ft retail warehouse on
Southbrook Retail Park, Gloucester, near the town centre and within
three miles of the M5. The site comprises two units occupied by
Magnet and Smyths Toys, with nearby retailers including Halfords,
B&M Bargains, Lidl, The Range and McDonalds.
The units' leases expire on 9 September 2024 and 28 September
2021 respectively with a total passing rent of GBP373,100 per
annum, reflecting a net initial yield of 7.41%.
The agreed purchase price of GBP4.725 million was funded from
the Company's existing cash resources, resulting in net gearing(1)
increasing to 15.7% 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 prominently located
property within Gloucester's prime out of town retail pitch. Magnet
and Smyths Toys are both strong nationally established tenants who
add to Custodian REIT's retail warehouse portfolio. Magnet has been
in occupation since the unit was constructed and Smyths Toys has
recently undertaken a substantial fit out of the property
demonstrating its commitment to 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 Imlach / Tel: +44 (0)116 240
Ian Mattioli MBE 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 properties with individual values of less than
GBP10 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 sub GBP10 million lot size,
regional 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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