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31 Jan 2023 07:01
Custodian Property Income REIT plc (CREI) Custodian Property Income REIT plc: Custodian Property Income REIT sells retail unit 35% ahead of valuation 31-Jan-2023 / 07:00 GMT/BST Dissemination of a Regulatory Announcement that contains inside information in accordance with the Market Abuse Regulation (MAR), transmitted by EQS Group. The issuer is solely responsible for the content of this announcement.
31 January 2023
Custodian Property Income REIT plc
(“Custodian Property Income REIT” or the “Company”)
Custodian Property Income REIT sells retail unit 35% ahead of valuation
Custodian Property Income REIT (LSE: CREI), which seeks to deliver a strong income return by investing in a diversified portfolio of smaller regional properties across the UK, is pleased to announce the disposal of a high street retail unit in Bury St Edmunds at auction for £0.54m, £0.14m (35%) ahead of valuation.
Commenting on the disposal, Richard Shepherd-Cross, Managing Director of Custodian Capital Limited (the Company’s external fund manager), said: “Having recently increased the lease term by five years but with annual rent decreasing from £53k to £40k, now was the right time to sell and crystallise a valuation uplift. We did not anticipate rents recovering and this disposal continues our planned programme of selling non-prime high street retail assets. We expect to recycle the sale proceeds into improvements to the remaining portfolio which we believe will better support the strategy of providing our shareholders with strong income returns.”
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Notes to Editors
Custodian Property Income 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 throughout the UK and is principally characterised by properties with individual values of less than £10m at acquisition.
The Company offers investors the opportunity to access a diversified portfolio of UK commercial real estate through a closed-ended fund. By principally targeting sub £15m 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.
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| ISIN: | GB00BJFLFT45 |
| Category Code: | MSCH |
| TIDM: | CREI |
| LEI Code: | 2138001BOD1J5XK1CX76 |
| Sequence No.: | 219434 |
| EQS News ID: | 1546995 |
| End of Announcement | EQS News Service |
UK Regulatory announcement transmitted by EQS Group AG. The issuer is solely responsible for the content of this announcement.