Custodian REIT PLC Disposal of Property (0057X)
February 16 2017 - 2:00AM
UK Regulatory
TIDMCREI
RNS Number : 0057X
Custodian REIT PLC
16 February 2017
16 February 2017
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 22,286 sq ft public house on Palmerston
Road, Southsea for GBP1.67 million, GBP0.19 million ahead of the 31
December 2016 valuation. The property is let to JD Wetherspoon plc
on a lease expiring in 2040.
The property was part of a portfolio acquired in August 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:
"We are delighted to crystallise a 12.8% valuation. Despite the
long-term lease, the yield is significantly below target and we
believe the disposal proceeds can be redeployed on property with a
better income yield and the potential for capital growth."
- Ends -
For further information, please contact:
Custodian Capital Limited
Richard Shepherd-Cross / Nathan Tel: +44 (0)116 240
Imlach / Ian Mattioli MBE 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 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 and
www.custodiancapital.com.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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