Custodian REIT plc : Purchase of Property (727709)

Dow Jones received a payment from EQS/DGAP to publish this press release.

 
 
 Custodian REIT plc (CREI) 
Custodian REIT plc : Purchase of Property 
 
27-Sep-2018 / 07:00 GMT/BST 
Dissemination of a Regulatory Announcement that contains inside information 
according to REGULATION (EU) No 596/2014 (MAR), transmitted by EQS Group. 
The issuer is solely responsible for the content of this announcement. 
 
            27 September 2018 
 
      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 Foundry House, a 26,051 sq ft office building 
   within Riverside Exchange, an established office location on the northern 
            edge of Sheffield city centre adjacent to the inner ring road. 
 
     The property is let to the Secretary of State for Communities and Local 
  Government operating branches of the Home Office and the Health and Safety 
    Executive on two leases expiring on 30 June 2022, with aggregate passing 
      rent of GBP371,299 per annum reflecting a net initial yield[1] of 9.79%. 
 
    The agreed purchase price of GBP3.56 million was funded from the Company's 
   existing debt facilities, resulting in net gearing[2] increasing to 23.1% 
            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 recently refurbished office building 
     in Sheffield city centre where the office market has grown year-on-year 
since 2014. The property offers open-plan, well configured floor plates from 
     5,455 sq ft which are a good fit with local occupational demand and its 
      position opposite a Home Office occupied 200,000 sq ft office building 
            supports the potential long-term commitment of the tenant." 
 
       1 Passing rent divided by valuation plus estimated purchaser's costs. 
 
2 Gross borrowings less unrestricted cash divided by last published property 
            portfolio valuation. 
 
      -Ends- 
 
For further information, please contact: 
 
             Custodian Capital Limited 
Richard Shepherd-Cross / Nathan         Tel: +44 (0)116 240 8740 
Imlach / Ian Mattioli MBE 
                                        www.custodiancapital.com 
                                                             [1] 
Numis Securities 
Limited 
Hugh                                    Tel: +44 (0)20 7260 1000 
Jonathan/Nathan 
Brown 
                                               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 principally 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 [2] and 
            www.custodiancapital.com [1]. 
 
=--------------------------------------------------------------------------- 
 
ISIN:           GB00BJFLFT45 
Category Code:  ACQ 
TIDM:           CREI 
LEI Code:       2138001BOD1J5XK1CX76 
OAM Categories: 3.1. Additional regulated information required to be 
                disclosed under the laws of a Member State 
Sequence No.:   6081 
EQS News ID:    727709 
 
End of Announcement EQS News Service 
 
 
1: https://link.cockpit.eqs.com/cgi-bin/fncls.ssp?fn=redirect&url=c24dec6d0ea6c746569ddd52de0eca8d&application_id=727709&site_id=vwd_london&application_name=news 
2: https://link.cockpit.eqs.com/cgi-bin/fncls.ssp?fn=redirect&url=44eae66ce326b2005a19503bbab5faed&application_id=727709&site_id=vwd_london&application_name=news

(END) Dow Jones Newswires

September 27, 2018 02:02 ET (06:02 GMT)

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