Custodian REIT plc : Purchase of Property
26 March 2018 - 5:02PM
UK Regulatory
Dow Jones received a payment from EQS/DGAP to publish this press
release.
Custodian REIT plc (CREI)
Custodian REIT plc : Purchase of Property
26-March-2018 / 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.
26 March 2018
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 46,550 sq ft industrial unit on Team Valley
Trading Estate, Gateshead, the north east's leading mixed-use business park
at junction 68 of the A1, three miles from Newcastle upon Tyne. Nearby
occupiers include Booker, Royal Mail and Sainsbury's.
The unit is let to Worthington Armstrong (UK) Limited on a lease expiring on
25 August 2026. Current passing rent is GBP279,400 per annum reflecting a net
initial yield1 of 6.73%.
The agreed purchase price of GBP3.9 million was funded from the Company's
existing debt facilities, resulting in net gearing2 increasing to 21.6% 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 unit located on the north east's
prime industrial park, let to a market leading manufacturer. The tenant has
been in occupation for over 20 years, and carried out an expansion in 2016,
highlighting its ongoing commitment to the site."
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 8740
Imlach / Ian Mattioli MBE
www.custodiancapital.com [1]
Numis Securities Limited
Hugh Jonathan/Nathan Brown 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 small lot sizes, 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 smaller lot size 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 [2] and
www.custodiancapital.com [1].
ISIN: GB00BJFLFT45
Category Code: MSCM
TIDM: CREI
OAM Categories: 3.1. Additional regulated information required to be
disclosed under the laws of a Member State
Sequence No.: 5329
End of Announcement EQS News Service
668329 26-March-2018
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March 26, 2018 02:02 ET (06:02 GMT)
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