Custodian REIT PLC Disposal of Property (6627A)
March 28 2017 - 2:00AM
UK Regulatory
TIDMCREI
RNS Number : 6627A
Custodian REIT PLC
28 March 2017
28 March 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 25,724 sq ft car dealership on Mallory
Road, Peterborough for GBP2.75 million, GBP0.345 million ahead of
the 31 December 2016 valuation. The property is let to Marshall
Motor Group Limited on a lease expiring in 2019.
The property was purchased shortly after the Company's admission
to the London Stock Exchange. 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 and
with the property believed to be over-rented, we were delighted to
crystallise a 14.3% valuation gain on the disposal of the property.
We 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 Imlach / Tel: +44 (0)116 240
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 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 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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