Custodian REIT PLC Purchase of Property (4158V)
April 18 2016 - 2:00AM
UK Regulatory
TIDMCREI
RNS Number : 4158V
Custodian REIT PLC
18 April 2016
18 April 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 high street retail unit in Chester,
let to TSB Limited and Ciel (Concessions) Limited (trading as
Chesca). The property is located in the city centre on the
pedestrianised Eastgate Street near Cath Kidston, Jack Wills, Kuoni
Travel, H Samuel, Fat Face and Jaeger.
The tenants' leases expire between September 2019 and March 2020
with a total passing rent of GBP128,000 per annum, reflecting a net
initial yield of 5.87%.
The agreed purchase price of GBP2,050,000 was funded from the
Company's existing debt facilities, resulting in net borrowings
increasing to 18.8% 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 located within
the prime retail pitch, adjoining an existing Custodian REIT
property. This acquisition enhances the Company's existing holding
in the city of Chester which stands out as a dominant retail centre
in the region."
-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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