Custodian REIT plc : Purchase of Property
10 April 2018 - 4:03PM
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
10-Apr-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.
10 April 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 53,198 sq ft distribution unit within Bellshill
Industrial Estate, Bellshill located 10 miles east of Glasgow with access to
junction 7 of the M8 and junction 5 of the M74. Nearby occupiers include
Screwfix, DHL, Scania and TNT.
The unit is let to Yodel Delivery Network Limited on a lease expiring on 1
August 2025 with current passing rent of GBP275,000 reflecting a net initial
yield1 of 6.94%.
The agreed purchase price of GBP3.72 million was funded from the Company's
existing debt facilities, resulting in net gearing2 increasing to 21.8% 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 purpose-built parcel delivery depot
on one of Scotland's prime distribution parks, let to a market leading
operator. The tenant has recently carried out significant works on the
property, demonstrating its commitment to the location, and we expect to
crystallise rental growth at the next review."
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 principally 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: MSCH
TIDM: CREI
OAM Categories: 3.1. Additional regulated information required to be
disclosed under the laws of a Member State
Sequence No.: 5376
End of Announcement EQS News Service
672659 10-Apr-2018
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