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31 Jan 2022 07:01
Custodian REIT plc (CREI) Custodian REIT plc : Disposal of Properties 31-Jan-2022 / 07:00 GMT/BST Dissemination of a Regulatory Announcement that contains inside information according to REGULATION (EU) No 596/2014 (MAR), transmitted by EQS Group. The issuer is solely responsible for the content of this announcement.
31 January 2022
Custodian REIT plc
("Custodian REIT" or the "Company")
Disposal of Properties
Custodian REIT (LSE: CREI), the UK property investment company, is pleased to announce the disposal of a property from its portfolio.
The Company has sold a high street retail unit in Norwich for £1.305m, in line with the most recent valuation.
The property was originally acquired as part of the IPO portfolio in 2014. The unit is currently let to Specsavers with 7.7 years to expiry. The disposal forms part of the Company's strategy of reducing exposure to secondary high street retail assets.
Commenting on the disposal, Richard Shepherd-Cross, Managing Director of Custodian Capital Limited (the Company's external fund manager), said:
While this asset has provided secure income to date, we believe it is no longer aligned with the strategy of the Company as we anticipate future rental decline and increased vacancy in this micro location. 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."
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Notes to Editors
Custodian REIT is a UK real estate investment trust with a portfolio comprising properties predominantly let to institutional grade tenants throughout the UK, 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 £10m lot size, regional properties, the Company intends to provide investors with an attractive level of income and the potential for capital growth, becoming the REIT of choice for private and institutional investors seeking high and stable dividends from well-diversified UK real estate.
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: | DIS |
| TIDM: | CREI |
| LEI Code: | 2138001BOD1J5XK1CX76 |
| OAM Categories: | 2.2. Inside information |
| Sequence No.: | 139698 |
| EQS News ID: | 1274341 |
| End of Announcement | EQS News Service |
UK Regulatory announcement transmitted by DGAP - a service of EQS Group AG. The issuer is solely responsible for the content of this announcement.