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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 | |
---|---|---|---|---|---|---|---|---|---|---|
-0.40 | -0.53% | 75.00 | 74.80 | 75.10 | 76.00 | 74.70 | 76.00 | 348,892 | 16:35:14 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Real Estate Investment Trust | 44.15M | -65.82M | -0.1493 | -5.02 | 330.2M |
TIDMCREI
RNS Number : 0340Q
Custodian REIT PLC
07 September 2017
7 September 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 35,000 sq ft retail warehouse on Transit Way Retail Park, Plymouth, near the A38 Devon Expressway. The site comprises two units occupied by Magnet and B&M, with nearby retailers including Argos, Tesco, Lidl and Matalan.
The units' leases expire on 26 January 2027 and 20 August 2027 respectively with a total passing rent of GBP400,000 per annum, reflecting a net initial yield(1) of 6.79%.
The agreed purchase price of GBP5.525 million was funded from the Company's existing cash resources, resulting in net gearing(2) increasing to 21.1% 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 secured this prominently located property within an established Plymouth out of town retail park. Magnet and B&M are strong nationally established tenants which add to Custodian REIT's retail warehouse portfolio. Magnet has been in occupation since the property was constructed and a recent comprehensive refurbishment, which split the property into two smaller units, has made it very attractive in the modern retail environment."
(1) Passing rent divided by purchase price plus assumed 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
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September 07, 2017 02:00 ET (06:00 GMT)
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