Custodian REIT PLC Disposal of Property (7757O)
November 10 2016 - 2:00AM
UK Regulatory
TIDMCREI
RNS Number : 7757O
Custodian REIT PLC
10 November 2016
10 November 2016
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 9,144 sq ft car dealership on Coventry
Road, Solihull for GBP1.88 million, GBP0.35 million ahead of the 30
September 2016 valuation. The property is let to Allen Ford (UK)
Limited on a lease expiring in 2021.
The property was part of the initial portfolio acquired on the
Company's admission to the London Stock Exchange in 2014. The
Company intends to use the proceeds from the disposal to fund
acquisitions better aligned to its long term investment
strategy.
Commenting on the disposal, Richard Shepherd-Cross, Managing
Director of Custodian Capital Limited (the Company's external fund
manager), said:
"Having identified an owner-occupier to purchase the site, we
were delighted to crystallise a 22.9% valuation gain on the
disposal of the property. We believed the property to be
over-rented and expect to redeploy the sale proceeds on property
with better short-term income growth and long-term capital growth
potential."
- 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 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 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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