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CREI Custodian Property Income Reit Plc

79.90
4.60 (6.11%)
Last Updated: 11:39:38
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Custodian Property Income Reit Plc LSE:CREI London Ordinary Share GB00BJFLFT45 ORD 1P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  4.60 6.11% 79.90 80.00 80.80 86.30 79.00 79.00 2,117,182 11:39:38
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Real Estate Investment Trust 44.15M -65.82M -0.1493 -5.58 367.23M

Custodian REIT PLC Disposal of Properties (9444Q)

18/09/2017 7:00am

UK Regulatory


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TIDMCREI

RNS Number : 9444Q

Custodian REIT PLC

18 September 2017

18 September 2017

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 three properties from its portfolio.

Colchester

The Company has sold an 8,326 sq ft retail unit within a six unit block on High Street, Colchester for GBP4.25 million, GBP0.7 million ahead of the 30 June 2017 valuation. The unit was recently let to and refurbished by Metro Bank plc on a lease expiring in 2041 and its sale crystallises the value created by agreeing the new lease.

Redcar

The Company has sold a 9,332 sq ft multi-tenanted retail parade on High Street, Redcar for GBP0.6 million, GBP0.1 million ahead of the 30 June 2017 valuation. This property was part of the initial portfolio acquired on the Company's admission to the London Stock Exchange in 2014 ("the IPO Portfolio") but the property was considered sub-scale within the portfolio and following an asset management program, the opportunity to sell at a price in excess of valuation was created.

Phoenix Park

The Company has sold a 15,330 sq ft multi-tenanted industrial estate on Brindley Road, Hinckley for GBP1.2 million, GBP0.2 million ahead of the 30 June 2017 valuation. This property was also acquired as part of the IPO Portfolio. Over the last two years rents have increased and all units have been let, securing a profit on exit.

The Company intends to use the proceeds from the disposals to fund acquisitions better aligned to its long term investment strategy.

Commenting on the disposals, Richard Shepherd-Cross, Managing Director of Custodian Capital Limited (the Company's external fund manager), said:

"These disposals demonstrate our ongoing commitment to portfolio management, representing three examples of good asset management activities leading to the crystallisation of strong valuation gains. We intend to redeploy the sale proceeds on property with better income growth and capital growth potential."

- Ends -

For further information, please contact:

 
 Custodian Capital Limited 
 Richard Shepherd-Cross / Nathan        Tel: +44 (0)116 240 
  Imlach / Ian Mattioli MBE                            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 properties with individual property values of less than GBP10 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 sub GBP10 million 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.

This information is provided by RNS

The company news service from the London Stock Exchange

END

DISLAMATMBABBBR

(END) Dow Jones Newswires

September 18, 2017 02:00 ET (06:00 GMT)

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