Custodian REIT plc : Disposal of Property (873709)

 
 Custodian REIT plc (CREI) 
Custodian REIT plc : Disposal of Property 
 
16-Sep-2019 / 07:00 GMT/BST 
Dissemination of a Regulatory Announcement that contains inside information 
according to REGULATION (EU) No 596/2014 (MAR), transmitted by EQS Group. 
The issuer is solely responsible for the content of this announcement. 
 
            16 September 2019 
 
      Custodian REIT plc 
 
      ("Custodian REIT" or the "Company") 
 
      Disposal of Property 
 
  Custodian REIT (LSE: CREI), the UK property investment company, is pleased 
            to announce the disposal of a property from its portfolio. 
 
   The Company has sold a 39,279 sq ft city centre office and retail unit in 
Edinburgh for GBP9.1 million1, in line with the 30 June 2019 valuation, having 
            acquired the property as part of a portfolio in January 2016. 
 
            Following the disposal, net gearing2 has decreased to 21.1%. 
 
     Commenting on the disposal Richard Shepherd-Cross, Managing Director of 
      Custodian Capital Limited (the Company's external fund manager), said: 
 
   "Following the completion of a refurbishment and various asset management 
   initiatives, which increased the weighted average unexpired lease term to 
 expiry to 8.7 years, we anticipated limited opportunities for future rental 
 growth and believe the disposal proceeds can be redeployed on property with 
            better income and capital growth prospects." 
 
 1 Before rent top-ups and cost guarantees relating to vacant space of circa 
             GBP0.3 million. 
 
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: [phone] 
Imlach / Ian Mattioli MBE 
                                    www.custodiancapital.com [1] 
 
Numis Securities Limited 
Nathan Brown / Hugh Jonathan Tel: [phone] 
                                    www.numiscorp.com 
 
Camarco 
Ed Gascoigne-Pees Tel: [phone] 
                         www.camarco.co.uk 
 
            Notes to Editors 
 
    Custodian REIT plc is a UK real estate investment trust with a portfolio 
      comprising properties predominantly let to institutional grade tenants 
  throughout the UK, 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 
     principally targeting sub GBP10 million lot size regional properties, the 
 Company intends to provide investors with an attractive level of income and 
   the potential for capital growth, becoming the REIT of choice for private 
          and institutional investors seeking high and stable dividends from 
            well-diversified UK real estate. 
 
    Custodian Capital Limited is the discretionary investment manager of the 
            Company. 
 
            For more information visit www.custodianreit.com [2] and 
            www.custodiancapital.com [1]. 
 
ISIN:           GB00BJFLFT45 
Category Code:  MSCL 
TIDM:           CREI 
LEI Code:       2138001BOD1J5XK1CX76 
OAM Categories: 3.1. Additional regulated information required to be 
                disclosed under the laws of a Member State 
Sequence No.:   20094 
EQS News ID:    873709 
 
End of Announcement EQS News Service 
 
 
1: https://link.cockpit.eqs.com/cgi-bin/fncls.ssp?fn=redirect&url=c24dec6d0ea6c746569ddd52de0eca8d&application_id=873709&site_id=vwd&application_name=news 
2: https://link.cockpit.eqs.com/cgi-bin/fncls.ssp?fn=redirect&url=44eae66ce326b2005a19503bbab5faed&application_id=873709&site_id=vwd&application_name=news 
 

(END) Dow Jones Newswires

September 16, 2019 02:00 ET (06:00 GMT)