Custodian REIT plc : Disposal of Property (728827)
29 September 2018 - 12:43AM
UK Regulatory
Dow Jones received a payment from EQS/DGAP to publish this press
release.
Custodian REIT plc (CREI)
Custodian REIT plc : Disposal of Property
28-Sep-2018 / 15:42 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.
28 September 2018
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 22,224 sq ft industrial warehouse unit in Southwark
for GBP12.0 million, GBP4.4 million (58%) ahead of the 30 June 2018 valuation,
representing a net initial yield1 of 2.95%.
The property was purchased in 2014 for GBP3.12 million as part of the initial
portfolio acquired on the Company's admission to the London Stock Exchange.
The Company intends to use the proceeds from the disposal to fund
acquisitions that will enhance dividend cover.
Commenting on the disposal, Richard Shepherd-Cross, Managing Director of
Custodian Capital Limited (the Company's external fund manager), said:
"The lack of available investment stock in Central London combined with
strong investment demand and a recent, substantial rental increase has led
to significant valuation increases. Over and above this, redevelopment
potential and identification of a special purchaser has delivered a
substantial profit over and above the most recent valuation."
1 Passing rent divided by sale price plus estimated purchasers' costs.
- 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
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 [2] and
www.custodiancapital.com [1].
ISIN: GB00BJFLFT45
Category Code: DIS
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.: 6098
EQS News ID: 728827
End of Announcement EQS News Service
1: https://link.cockpit.eqs.com/cgi-bin/fncls.ssp?fn=redirect&url=c24dec6d0ea6c746569ddd52de0eca8d&application_id=728827&site_id=vwd_london&application_name=news
2: https://link.cockpit.eqs.com/cgi-bin/fncls.ssp?fn=redirect&url=44eae66ce326b2005a19503bbab5faed&application_id=728827&site_id=vwd_london&application_name=news
(END) Dow Jones Newswires
September 28, 2018 10:43 ET (14:43 GMT)
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