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CUSTODIAN REIT PLC Custodian REIT plc : Purchase of Property

Transparency directive : regulatory news

23/06/2022 08:00

Custodian REIT plc (CREI)
Custodian REIT plc : Purchase of Property

23-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.


 

 

23 June 2022

 

 

Custodian REIT plc

 

(“Custodian REIT” or the “Company”)

 

Purchase of Property

 

Custodian REIT (LSE: CREI), the UK property investment company focused on smaller lot-sizes, is pleased to announce a further property purchase. 

 

The Company has acquired a 70,160 sq ft retail park in Nottingham consisting of four units occupied by Wickes, Matalan, Poundland and KFC, with nearby retailers including Tesco, Morrisons, Lidl and McDonald’s.

 

The units have a weighted average unexpired term to first break or expiry of 9.0 years with an aggregate passing rent of £994,050 per annum, reflecting a net initial yield1 of 6.21%.

 

The agreed purchase price of £15.0 million was funded from the Company’s existing debt resources, moving net gearing2 to 22.7% loan to value.

 

Commenting on the acquisition, Richard Shepherd-Cross, Managing Director of Custodian Capital Limited (the Company’s discretionary investment manager), said:

 

“Well located retail warehouses let off low rents are complementary to online retailing and have remained in demand during the restructuring of the retail market.  This purchase, which was agreed off-market at an attractive net initial yield, offers long income from a very strong tenant line up with opportunities to enhance rents by developing a drive-through restaurant and installing electric vehicle charging points.”

 

1 Passing rent divided by valuation plus assumed purchasers’ costs.

2 Gross borrowings less unrestricted cash 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

 

Nathan Brown / Hugh Jonathan

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 characterised by properties with individual values of less than £10 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 £10 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.: 170039
EQS News ID: 1381603

 
End of Announcement EQS News Service

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