Custodian REIT plc : Purchase of Property (1394375)
July 11 2022 - 2:00AM
UK Regulatory
Custodian REIT plc (CREI) Custodian REIT plc : Purchase of
Property 11-Jul-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.
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11 July 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 drive-through restaurants on
Clifton Moor Retail Park, York, adjacent to York's northern bypass
which connects to both the A1(M) and M62. The units are occupied by
Burger King and KFC franchisees with a weighted average unexpired
term to first break or expiry of 9.7 years.
The units have an aggregate passing rent of GBP163,250 per
annum, reflecting a net initial yield1 of 5.07%.
The agreed purchase price of GBP3.025 million was funded from
the Company's existing debt facilities, moving net gearing2 to
22.5% 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 these modern assets on the
foremost retail and leisure destination in North Yorkshire. The
drive through sector continues to show considerable growth which we
believe will drive rents over the medium term resulting in an
increasingly attractive yield."
1 Passing rent divided by purchase price plus assumed
purchaser's costs.
2 Gross borrowings less cash (excluding tenant rental 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 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.: 173700
EQS News ID: 1394375
End of Announcement EQS News Service
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