16 Sep 2019 07:00
Custodian REIT plc (CREI) Custodian REIT plc : Disposal of Property 16-Sep-2019 / 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.
16 September 2019
Custodian REIT plc
("Custodian REIT" or the "Company")
Disposal of Property
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 39,279 sq ft city centre office and retail unit in Edinburgh for £9.1 million1, in line with the 30 June 2019 valuation, having acquired the property as part of a portfolio in January 2016.
Following the disposal, net gearing2 has decreased to 21.1%.
Commenting on the disposal Richard Shepherd-Cross, Managing Director of Custodian Capital Limited (the Company's external fund manager), said:
"Following the completion of a refurbishment and various asset management initiatives, which increased the weighted average unexpired lease term to expiry to 8.7 years, we anticipated limited opportunities for future rental growth and believe the disposal proceeds can be redeployed on property with better income and capital growth prospects."
1 Before rent top-ups and cost guarantees relating to vacant space of circa £0.3 million. 2 Gross borrowings less unrestricted cash divided by last published property portfolio valuation.
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For further information, please contact:
Notes to Editors
Custodian REIT plc 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 £10 million 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 £10 million 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: | MSCL |
TIDM: | CREI |
LEI Code: | 2138001BOD1J5XK1CX76 |
OAM Categories: | 3.1. Additional regulated information required to be disclosed under the laws of a Member State |
Sequence No.: | 20094 |
EQS News ID: | 873709 |
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.