Custodian REIT PLC Purchase of Property (6487P)
February 22 2016 - 2:00AM
UK Regulatory
TIDMCREI
RNS Number : 6487P
Custodian REIT PLC
22 February 2016
22 February 2016
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 34,955 sq ft retail warehouse in
Banbury, located one mile from junction 11 of the M40 and within
walking distance of the town centre and railway station. Nearby
occupiers include Wickes, Halfords, Homebase, Dunelm Mill, Topps
Tiles and Staples.
The property is let to B&Q Plc on a lease expiring on 24
March 2022 with a current passing rent of GBP478,842 per annum,
reflecting a net initial yield of 6.94%.
The agreed purchase price of GBP6.525 million was funded from
the Company's existing debt facilities, resulting in net borrowings
increasing to 20.1% 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 property let to B&Q
which has been in occupation for 29 years. The unit is prominently
located in an established bulky goods retail warehouse pitch, near
the Banbury Cross Retail Park. The development of a proposed 42,000
sq ft Waitrose on land opposite will further strengthen the
location."
-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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