Custodian Property Income REIT plc: Custodian Property Income REIT sells retail unit 35% ahead of valuation (1546995)
January 31 2023 - 2:00AM
UK Regulatory
Custodian Property Income REIT plc (CREI) Custodian Property
Income REIT plc: Custodian Property Income REIT sells retail unit
35% ahead of valuation 31-Jan-2023 / 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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31 January 2023
Custodian Property Income REIT plc
("Custodian Property Income REIT" or the "Company")
Custodian Property Income REIT sells retail unit 35% ahead of
valuation
Custodian Property Income 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 a high street retail unit in Bury St
Edmunds at auction for GBP0.54m, GBP0.14m (35%) ahead of
valuation.
Commenting on the disposal, Richard Shepherd-Cross, Managing
Director of Custodian Capital Limited (the Company's external fund
manager), said: "Having recently increased the lease term by five
years but with annual rent decreasing from GBP53k to GBP40k, now
was the right time to sell and crystallise a valuation uplift. We
did not anticipate rents recovering and this disposal continues our
planned programme of selling non-prime high street retail assets.
We expect to recycle the sale proceeds into improvements to the
remaining portfolio which we believe will better support the
strategy of providing our 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 / Andrew Davis Tel: +44 (0)20 3727 1000
custodianreit@fticonsulting.com
Notes to Editors
Custodian Property Income 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 throughout the UK
and is principally characterised by properties with individual
values of less than GBP10m at acquisition.
The Company offers investors the opportunity to access a
diversified portfolio of UK commercial real estate through a
closed-ended fund. By principally targeting sub GBP15m 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
Sequence No.: 219434
EQS News ID: 1546995
End of Announcement EQS News Service
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