Custodian REIT plc : Disposal of Property (1052293)

 
 Custodian REIT plc (CREI) 
Custodian REIT plc : Disposal of Property 
 
21-May-2020 / 07:00 GMT/BST 
Dissemination of a Regulatory Announcement that contains inside information 
according to REGULATION (EU) No 596/2014 (MAR), transmitted by EQS Group. 
The issuer is solely responsible for the content of this announcement. 
 
            21 May 2020 
 
      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 20,280 sq ft industrial warehouse unit in Westerham 
  for GBP2.8 million, GBP0.5 million (23%) ahead of the 31 March 2020 valuation, 
            representing a net initial yield1 of 4.50%. 
 
  The property was purchased in September 2016 for GBP1.6 million as part of a 
10 property portfolio. Following the disposal, net gearing2 has decreased to 
            22.4%. 
 
    Commenting on the disposal, Richard Shepherd-Cross, Managing Director of 
     Custodian Capital Limited (the Company's external fund manager ), said: 
 
 "A special purchaser was identified for this property in 2019. The disposal 
completed at the price agreed before the COVID-19 pandemic hit, reflecting a 
       4.50% net initial yield, which crystallised a profit and improved the 
      Company's liquidity position. We expect the proceeds to be deployed on 
            better yielding assets once markets stabilise." 
 
      1 Passing rent divided by sale price plus estimated purchasers' costs. 
 
       2 Gross borrowings less cash (excluding rent deposits and retentions) 
            divided by last published property portfolio valuation. 
 
      - Ends - 
 
For further information, please contact: 
 
          Custodian Capital Limited 
Richard Shepherd-Cross / Nathan         Tel: +44 (0)116 240 8740 
Imlach / Ian Mattioli MBE 
                                    www.custodiancapital.com [1] 
 
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 [2] and 
            www.custodiancapital.com [1]. 
 
ISIN:           GB00BJFLFT45 
Category Code:  MSCH 
TIDM:           CREI 
LEI Code:       2138001BOD1J5XK1CX76 
OAM Categories: 3.1. Additional regulated information required to be 
                disclosed under the laws of a Member State 
Sequence No.:   65086 
EQS News ID:    1052293 
 
End of Announcement EQS News Service 
 
 
1: https://eqs-cockpit.com/cgi-bin/fncls.ssp?fn=redirect&url=c24dec6d0ea6c746569ddd52de0eca8d&application_id=1052293&site_id=vwd&application_name=news 
2: https://eqs-cockpit.com/cgi-bin/fncls.ssp?fn=redirect&url=44eae66ce326b2005a19503bbab5faed&application_id=1052293&site_id=vwd&application_name=news

(END) Dow Jones Newswires

May 21, 2020 02:00 ET (06:00 GMT)

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