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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% | 75.80 | 75.10 | 75.80 | 76.00 | 75.50 | 76.00 | 39,676 | 10:00:24 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Real Estate Investment Trust | 44.15M | -65.82M | -0.1493 | -5.06 | 332.84M |
TIDMCREI
RNS Number : 7086Z
Custodian REIT PLC
19 December 2017
19 December 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 24,845 sq ft car dealership on Pride Park business park in Derby, two miles from the city centre and prominently located on the busy A6. Nearby occupiers include Rolls Royce, Volkswagen, Lexus, Mercedes-Benz, Land Rover, and Ford.
The property is let to VW Group UK Limited and sub-let to Goodman Retail Limited (trading as Sytner) on a lease expiring on 23 November 2025 with a current passing rent of GBP342,500 per annum, reflecting a net initial yield(1) of 6.28%.
The agreed purchase price of GBP5.115 million was funded from the Company's existing cash resources, resulting in net gearing(2) increasing to 19.4% 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 well-established property within Derby's prime motor retail pitch, let to one of the UK's largest motor retailers on a long-term lease. The tenant has recently undertaken significant refurbishment works at the property, including an extension to the showroom floorplate, which demonstrates its commitment to the site."
(1) Passing rent divided by 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 principally 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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December 19, 2017 02:00 ET (07:00 GMT)
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