Custodian REIT plc : Purchase of Property (1357189)
May 20 2022 - 2:00AM
UK Regulatory
Custodian REIT plc (CREI) Custodian REIT plc : Purchase of
Property 20-May-2022 / 07:00 GMT/BST Dissemination of a Regulatory
Announcement, transmitted by EQS Group. The issuer is solely
responsible for the content of this announcement.
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20 May 2022
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 property purchase.
The Company has acquired two retail units on Winchester High
Street covering an aggregate 5,228 sq ft let to Nationwide Building
Society and Hobbs. Nearby occupiers include Marks & Spencer,
Boots, Halifax Bank and Superdrug.
The tenants' leases expire in April 2028 and December 2031
respectively at an aggregate current passing rent of GBP249,200 per
annum, reflecting a net initial yield[1] of 6.41%.
The agreed purchase price of GBP3.65 million was funded from the
Company's existing debt facilities, resulting in net gearing2
increasing to 20.5% loan to value.
Commenting on the acquisition, Richard Shepherd-Cross, Managing
Director of Custodian Capital Limited (the Company's discretionary
investment manager), said:
"Winchester is one of the UK's most vibrant shopping locations3.
We are delighted to have secured this property on Winchester's city
centre's prime retail pitch which remains a sought after location
with occupation levels well above average. We have recently seen
prime high street retail rents improving for the first time in over
four years and we feel this asset is a positive addition to our
diversified portfolio at an attractive yield, well above
Winchester's historical average."
1 Passing rent divided by purchase price plus assumed
purchasers' costs.
2 Gross borrowings less cash (excluding tenant rental deposits
and retentions) divided by last published property portfolio
valuation.
3 Source: Retail-week.com
-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 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.
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ISIN: GB00BJFLFT45
Category Code: MSCH
TIDM: CREI
LEI Code: 2138001BOD1J5XK1CX76
Sequence No.: 162957
EQS News ID: 1357189
End of Announcement EQS News Service
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