Custodian REIT plc : Disposal of Property (1243011)
October 25 2021 - 2:00AM
UK Regulatory
Custodian REIT plc (CREI) Custodian REIT plc : Disposal of
Property 25-Oct-2021 / 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.
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25 October 2021
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 42,289 sq ft car showroom in Stockport
for GBP9.0 million, GBP1.4 million (18%) ahead of the 30 June 2021
valuation, representing a net initial yield1 of 6.7%.
The property is let to Williams BMW and Mini and was purchased
in July 2017 for GBP8.8 million. Following the disposal, net
gearing2 has decreased to 19.5%.
Commenting on the disposal, Richard Shepherd-Cross, Managing
Director of Custodian Capital Limited (the Company's external fund
manager), said:
"This asset has provided a healthy level of income over our four
years of ownership, during which we completed the asset management
initiatives identified on acquisition of re-basing the rent and
transferring the lease to a much stronger group covenant."
1 Passing rent divided by sale price plus estimated purchasers'
costs.
2 Gross borrowings less cash (excluding rent deposits and
retentions) divided by last published property portfolio
valuation.
- Ends -
For further information, please contact:
Custodian Capital Limited
Richard Shepherd-Cross / Ed Moore / Ian Mattioli MBE Tel: +44 (0)116 240 8740
www.custodiancapital.com
Numis Securities Limited
Hugh Jonathan / Nathan Brown 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
principally 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.
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ISIN: GB00BJFLFT45
Category Code: DIS
TIDM: CREI
LEI Code: 2138001BOD1J5XK1CX76
OAM Categories: 2.2. Inside information
Sequence No.: 125047
EQS News ID: 1243011
End of Announcement EQS News Service
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