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CREI Custodian Property Income Reit Plc

81.40
6.10 (8.10%)
28 Mar 2024 - Closed
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
  6.10 8.10% 81.40 81.60 82.70 86.30 79.00 79.00 5,283,785 16:35:17
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Real Estate Investment Trust 44.15M -65.82M -0.1493 -5.55 365.02M

Custodian REIT PLC Purchase of Property (4160M)

28/07/2017 9:00am

UK Regulatory


Custodian Property Incom... (LSE:CREI)
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TIDMCREI

RNS Number : 4160M

Custodian REIT PLC

28 July 2017

 
 
 

28 July 2017

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 24,230 sq ft health and fitness centre in Salisbury, located less than two miles from the city centre and prominently fronting on to the A30, the main arterial road into the city from the North. Adjacent businesses include Premier Inn, Handelsbanken, Busy Bees nursery and a BMW/Mini dealership.

The unit is let to Parkwood Health & Fitness Limited on a lease expiring on 2 March 2031, with current passing rent of GBP200,000 per annum reflecting a net initial yield(1) of 6.75%.

The agreed purchase price of GBP2.785 million was funded from the Company's existing cash resources, resulting in net gearing(2) increasing to 20.5% loan to value.

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 acquired this high specification, purpose-built health and fitness centre in an established and prominent location with 14 years remaining on the lease. This property adds further diversification to the portfolio by increasing exposure to the alternative sector, and its prominent position lends itself to alternative uses in the event of a future vacancy."

(1) Portfolio passing rent divided by portfolio valuation plus estimated purchasers' costs.

(2) Gross borrowings less unrestricted cash divided by last published property portfolio valuation.

-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 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

ACQPGUMAMUPMUMR

(END) Dow Jones Newswires

July 28, 2017 04:00 ET (08:00 GMT)

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