Custodian REIT plc : Disposal of Property (1370367)
June 08 2022 - 2:00AM
UK Regulatory
Custodian REIT plc (CREI) Custodian REIT plc : Disposal of
Property 08-Jun-2022 / 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.
-----------------------------------------------------------------------------------------------------------------------
8 June 2022
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 24,178 sq ft car showroom in Derby let to
Volkswagen for GBP5.6 million, GBP1.2 million (26%) ahead of the 31
March 2022 valuation, representing a net initial yield1 of 5.7%.
Following the disposal, net gearing2 has decreased to 20.5%.
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 five
years of ownership and is being sold to a 'special purchaser' at a
significant profit. We have a strong pipeline of assets on which to
redeploy the proceeds of this sale with better rental growth and
asset management prospects."
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.
-----------------------------------------------------------------------------------------------------------------------
ISIN: GB00BJFLFT45
Category Code: MSCH
TIDM: CREI
LEI Code: 2138001BOD1J5XK1CX76
Sequence No.: 166767
EQS News ID: 1370367
End of Announcement EQS News Service
=------------------------------------------------------------------------------------
Image link:
https://eqs-cockpit.com/cgi-bin/fncls.ssp?fn=show_t_gif&application_id=1370367&application_name=news
(END) Dow Jones Newswires
June 08, 2022 02:00 ET (06:00 GMT)
Custodian Property Incom... (LSE:CREI)
Historical Stock Chart
From Apr 2024 to May 2024
Custodian Property Incom... (LSE:CREI)
Historical Stock Chart
From May 2023 to May 2024