Custodian REIT PLC - Leicester, England-based real estate investment trust - Acquires 20,012 square feet office building on Fountain Street in Manchester for GBP6.3 million, reflecting a net initial yield of 6.1%.
The property comprises basement parking and six floors, with a weighted average unexpired lease term to first break or expiry of 1.2 years and an aggregate rent of GBP406,704 per annum.
"We are delighted to have secured this high quality office building in a proven central Manchester location, which continues the pre-emptive deployment of proceeds from the sale of a portfolio of industrial properties due to complete later this month. The short WAULT provides potential asset management opportunities to enhance value and increase passing rent," said Richard Shepherd-Cross, managing director of investment manager Custodian Capital Ltd.
Current stock price: 96.80 pence
Year-to-date change: up 10%
By Dayo Laniyan; dayolaniyan@alliancenews.com
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Cust Prop Inc (CREI)