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Pin to quick picksCust Prop Inc Regulatory News (CREI)

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Custodian REIT is an Investment Trust

To provide shareholders with an attractive level of income together with the potential for capital growth from investing in a diversified portfolio of commercial real estate properties in the UK.

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Purchase of Property

10 Oct 2016 07:00

RNS Number : 0393M
Custodian REIT PLC
10 October 2016
 

 

 

10 October 2016

 

Custodian REIT plc

 

("Custodian REIT" or "the Company")

 

Purchase of Property

 

Custodian REIT (LSE: CREI), the UK property investment company, is pleased to announce a further property purchase.

 

The Company has acquired a 36,023 sq ft distribution unit on Cambridge Road Industrial Estate, Bedford, located 11 miles from junction 13 of the M1 and eight miles from the A1. Nearby occupiers include ASDA, Sainsbury's, Argos, DHL and Fujifilm.

 

The unit is let to Heywood Williams Components Limited on a lease expiring on 7 April 2022. Current passing rent is £234,600 per annum reflecting a net initial yield of 6.78%.

 

The agreed purchase price of £3.25 million was funded from the Company's existing debt facilities, with net gearing1 increasing to 23.7% loan to value and £32.0 million now deployed from the Company's £35.0 million revolving credit facility.

 

Commenting on the acquisition, Richard Shepherd-Cross, Managing Director of Custodian Capital Limited (the Company's discretionary investment manager), said:

 

"We are delighted to have added another modern industrial unit to our portfolio, which we believe has reversionary potential. IDI Gazeley have recently acquired an adjacent plot of land to develop a 240,000 sq ft warehouse, following recent developments by ASDA, Movianto and Lantmannen Unibake. The ongoing development in this area highlights its strength as a distribution centre and the consistent demand for industrial space from new and existing tenants."

1 Gross borrowings less unrestricted cash divided by property portfolio valuation.

-Ends-

 

For further information, please contact:

 

Custodian Capital Limited

Richard Shepherd-Cross / Nathan Imlach / Ian Mattioli

Tel: +44 (0)116 240 8740

www.custodiancapital.com

 

Numis Securities Limited

Nathan Brown / Hugh Jonathan

Tel: +44 (0)20 7260 1000

www.numiscorp.com

 

Camarco

Ed Gascoigne-Pees

Tel: +44 (0)20 3757 4984

www.camarco.co.uk

 

Notes to Editors

 

Custodian 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 on long leases throughout the UK and is characterised by small lot sizes, with individual property 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 targeting smaller lot size 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.

 

 

 

This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
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