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Custodian REIT PLC - Leicester, England-based commercial real estate investor - Acquires Willow Court, a 22,545 square feet office building on Minns Business Park, located one mile west of Oxford city centre, for GBP7.9 million. Says the building has four floors let to a Royal Bank of Scotland branch, law firm Dehns, investor Charles Stanley Direct, technology consultancy Oxentia Ltd and data analysis company the Smith Institute, with a weighted average unexpired lease term to first break or expiry of four years, and a net initial yield of 6.4%.
"We are delighted to have secured this office building in a proven location with a strong tenant line-up. Due to local development restrictions office, supply in the vicinity has a history of high demand. The modern and recently refurbished property also has potential asset management opportunities to enhance value and extend its income profile," says Richard Shepherd-Cross, managing director of Custodian Capital Ltd, the company's discretionary investment manager.
Current stock price: 88.60 pence
Year-to-date change: up 0.9%
By Zoe Wickens; zoewickens@alliancenews.com
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