Custodian Property Income says new buy meeting expectations

(Alliance News) - Custodian Property Income REIT PLC on Monday said that its recently acquired Grove Court portfolio has performed in line with expectations.

Occupancy in the portfolio remains around 97%, according to the commercial real estate investor.

The company also announced that a rent review of a motor dealership in Beaconsfield, Grove Court's largest asset by income, has resulted in a 5% increase in passing rent.

Custodian Property Income REIT acquired the family-owned portfolio in February for GBP35.9 million.

"Following the strategic majority-share acquisition of Grove Court earlier this year, its complimentary properties have improved our existing portfolio by providing tenant diversification and further defensive income to help drive earnings, while helping us continue to add scale to our business," said Richard Shepherd-Cross, managing director of Custodian Capital Ltd, the company's investment manager.

"We have already secured a 5% rental uplift with the occupier at Grove Court’s largest asset by income, further cementing our belief that we can capture the latent value in this portfolio."

Custodian Property Income REIT shares were up 0.6% at 88.90 pence each in London on Monday morning.

By Joseph Rodgers, Alliance News reporter

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