Custodian REIT PLC - Leicester, England-based real estate investment trust - Sells a retail unit in North Somerset at auction for GBP700,000. Says it recently completed a five-year lease renewal with Superdrug Stores PLC with the annual rent decreasing to GBP60,000 from GBP124,000.
"This asset was not aligned with the strategy of the company as we did not anticipate rents recovering and continues our planned disposals programme of non-prime high street retail assets. We expect to invest the sale proceeds in higher-quality assets with greater prospects for income and capital growth, better supporting the board’s objective of increasing dividends in a sustainable way," Custodian Capital Ltd Managing Director Richard Shepherd-Cross said.
Custodian Capital is the fund manager of Custodian REIT. It is owned by Mattioli Woods PLC.
Current stock price: 101.20 pence, up 1.3% in London on Wednesday
12-month change: up 2.5%
By Abby Amoakuh; abbyamoakuh@alliancenews.com
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