Custodian REIT plc : Purchase of Land with Pre-let Development (1105207)

 
 Custodian REIT plc (CREI) 
Custodian REIT plc : Purchase of Land with Pre-let Development 
 
29-Jul-2020 / 10:28 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. 
 
            29 July 2020 
 
      Custodian REIT plc 
 
      ("Custodian REIT" or "the Company") 
 
      Purchase of Land with Pre-let Development 
 
  Custodian REIT (LSE: CREI), the UK property investment company, is pleased 
     to announce the completion of a forward funding agreement for a pre-let 
            development, together with the purchase of the development land. 
 
   The Company has acquired 0.6 acres of land in Nottingham, adjacent to the 
 Castle Marina Shopping Park and near to the recently developed NG2 Business 
 Park on the busy A453 Queens Drive, the main arterial route into Nottingham 
            city centre from the South. 
 
  The development will comprise a 2,163 sq ft drive-through coffee shop with 
     34 parking spaces and construction is being phased over an expected six 
            month build period. 
 
 The unit, to be developed by Portal Nottingham Limited, has been pre-let to 
 KBeverage Limited (trading as Starbucks Coffee) on a 20 year lease, without 
   break, with five yearly upward only market rent reviews. On completion of 
      the development for a total consideration of GBP1.725 million, the total 
passing rent will be GBP115,000 per annum reflecting a net initial yield[1] of 
            6.67%. 
 
       The land purchase price of GBP0.9 million was funded from the Company's 
 existing cash resources, resulting in net gearing2 increasing to 22.3% loan 
            to value. 
 
 Commenting on the acquisition, Richard Shepherd-Cross, Managing Director of 
 Custodian Capital Limited (the Company's discretionary investment manager), 
            said: 
 
"Demand for drive-through stores continues to show growth, especially in the 
   hot beverage market, and is proving resilient in the face of the COVID-19 
     pandemic. The location of this property on an arterial access route for 
  Nottingham city centre allows easy accessibility for traffic both entering 
            and leaving the City, enhancing the site's offering." 
 
       1 Passing rent divided by valuation plus estimated purchaser's costs. 
 
2 Gross borrowings less unrestricted cash 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 principally 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:  MSCU 
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.:   78813 
EQS News ID:    1105207 
 
End of Announcement EQS News Service 
 
 
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2: https://eqs-cockpit.com/cgi-bin/fncls.ssp?fn=redirect&url=44eae66ce326b2005a19503bbab5faed&application_id=1105207&site_id=vwd&application_name=news

(END) Dow Jones Newswires

July 29, 2020 05:28 ET (09:28 GMT)

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