Custodian REIT plc : Custodian REIT sells industrial unit at 12% ahead of June valuation (1481151)
November 08 2022 - 2:00AM
UK Regulatory
Custodian REIT plc (CREI) Custodian REIT plc : Custodian REIT
sells industrial unit at 12% ahead of June valuation 08-Nov-2022 /
07:00 GMT/BST Dissemination of a Regulatory Announcement that
contains inside information in accordance with the Market Abuse
Regulation (MAR), transmitted by EQS Group. The issuer is solely
responsible for the content of this announcement.
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8 November 2022
Custodian REIT plc
("Custodian REIT" or the "Company")
Custodian REIT sells industrial unit at 12% ahead of June
valuation
Custodian REIT (LSE: CREI), which seeks to deliver a strong
income return by investing in a diversified portfolio of smaller
regional properties across the UK, is pleased to announce the
disposal of an industrial unit in Kilmarnock at auction for GBP1.4
million at a 12% premium to its 30 June 2022 valuation.
The environmental credentials of the 18,424 sq ft warehouse and
distribution unit no longer fit with the Company's ESG objectives
and it was not considered practical to mitigate these risks. Having
recently increased the lease term by 10 years it was considered the
right time to sell and crystallise a valuation uplift.
Commenting on the disposal, Richard Shepherd-Cross, Managing
Director of Custodian Capital Limited (the Company's external fund
manager), said: "The sale of this industrial unit at a premium to
valuation demonstrates the ongoing liquidity in the market for
smaller lot sized commercial real estate, underscoring our
investment thesis. Having acquired this property as part of our IPO
portfolio eight years ago and having recently increased the lease
term until 2032, we felt that now was an opportune time to
crystallise the value we have created. The proceeds of the disposal
will be recycled into identified improvements to the remaining
portfolio which we believe will be more accretive and better
support the strategy of providing shareholders with strong income
returns."
- 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
FTI Consulting
Richard Sunderland / Ellie Sweeney Tel: +44 (0)20 3727 1000
custodianreit@fticonsulting.com
Notes to Editors
Custodian REIT plc is a UK real estate investment trust, listed
on the main market of the London Stock Exchange. 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
GBP15 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 GBP15 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: MSCH
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.: 199389
EQS News ID: 1481151
End of Announcement EQS News Service
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