Custodian REIT plc (CREI) Custodian REIT plc : Leasing momentum
continues to drive income returns and support fully covered
dividends 09-Nov-2022 / 07:00 GMT/BST Dissemination of a Regulatory
Announcement that contains inside information in accordance with
the Market Abuse Regulation (MAR), transmitted by EQS Group. The
issuer is solely responsible for the content of this
announcement.
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9 November 2022
Custodian REIT plc
("Custodian REIT" or "the Company")
Leasing momentum continues to drive income returns and support
fully covered dividends
Custodian REIT (LSE: CREI), which seeks to deliver a strong
income return by investing in a diversified portfolio of smaller
regional properties across the UK, today provides a trading update
for the quarter ended 30 September 2022 ("Q2" or the
"Quarter").
Strong leasing activity supporting rents and underpinning fully
covered dividends
-- 1.375p dividend per share approved for the Quarter, in line
with a target dividend of no less than 5.5pfor the current
financial year, fully covered by EPRA earnings
-- EPRA earnings per share1 maintained at 1.4p for Q2
-- Five new leases signed during the Quarter at an aggregate 9%
ahead of ERV adding GBP0.4m of annual rentwith a weighted average
of 6.3 years to first break (Q1 2022: 13 new leases adding GBP1.8m
of rent for 6.8 years)
-- Two rent reviews settled during the Quarter with an aggregate
22% rental increase (GBP0.1m of annual rent)
-- Following these lettings, EPRA occupancy2 increased to 89.3%
(30 June 2022: 88.7%), with 54% of thevacancy being subject to
refurbishment or redevelopment and a further 25% under offer for
sale or lease.
-- 1.1% increase in the like-for-like rent roll since 30 June
2022 and ERV growing by 0.8%. The industrialand office sectors saw
1.6% and 2.2% ERV growth respectively while retail ERV decreased by
0.8%.
-- Lettings momentum has continued into the second half of the
financial year with a further five new leasescompleting since the
Quarter end, adding GBP0.6m of annual rental income for an average
7.0 years
Valuation movements
-- 5.4% like-for-like valuation decrease across the Company's
diversified portfolio of 165 assets, driven bycurrent investor and
market sentiment around the UK's economic outlook, but positively
impacted by a GBP1.4m upliftfrom active asset management
activity
-- Q2 net asset value ("NAV") total return per share3 of -5.8%
comprising 1.1% dividends paid offset by a-6.9% capital movement,
decreasing NAV per share to 113.7p (30 June 2022: 122.2p) with a
NAV of GBP501.4m (30 June2022: GBP538.7m)
GBP26.5m of capital deployed during the Quarter alongside a
profitable disposal driving a 4.5% net increase in rent roll,
supporting earnings while maintaining net gearing at its target
level
-- Investment activity during the Quarter:
-- GBP26.5m4 invested at an average net initial yield of 6.8%
with net deployment during the Quarterincreasing annual rent roll
by 4.5% to GBP43.0m (30 June 2022: GBP41.1m)
-- Acquisitions comprised a distribution unit near Glasgow for
GBP11.1m, two DFS retail warehouses inDroitwich and Measham for
GBP8.9m, a GBP3.5m industrial unit in Chesterfield and two
drive-through restaurants in Yorkfor GBP3.0m
-- GBP3.4m4 profit generated from the disposal of an industrial
unit in Milton Keynes to a special purchaserfor GBP8.5m, 67% above
valuation
-- GBP2.2m capital expenditure during the Quarter, primarily on
ongoing refurbishment work on offices inManchester and a retail
warehouse in Swindon which are expected to enhance rents and the
assets' environmentalcredentials once complete
-- Environmental, social and governance ("ESG") investment
activity:
-- Continued progress towards achieving the Company's minimum
target of removal or improvement of all 'D'and 'E' energy
performance certificate ("EPC") ratings by 2027 and 2025
respectively with the weighted average EPCscore improving to 58 (C)
from 60 (C) during the Quarter
-- GBP0.7m invested in installing electric vehicle ("EV")
chargers during the six months to 30 September 2022across the
retail warehouse, industrial and office sectors, with further
installations planned that will surpassthe Company's minimum target
of installing chargers across its freehold retail warehouse assets
by 2025
-- Investment activity since 30 September 2022:
-- Disposal of a shopping centre in Gosforth for GBP9.3m, 3.5%
ahead of the November 2021 purchase price and4% below the 30
September 2022 valuation
-- Disposal of an industrial unit in Kilmarnock at auction for
GBP1.4m, 12% ahead of valuation Low gearing and significant
borrowing headroom
-- At 30 September 2022:
-- Net gearing5 remains in line with the Company's 25% target,
increasing to 25.4% loan-to-value during theQuarter (30 June 2022:
21.5%) as a result of valuation movements and GBP18.0m of net
deployment
-- Weighted average cost of drawn debt of 3.5%. Of the Company's
GBP178m of drawn facilities 79% is at afixed rate of interest with
no expiries until September 2024 and a weighted average term of 6.3
years
-- Since the Quarter end, due to the disposals outlined
above:
-- Net gearing has decreased to 24.3%
-- Weighted average cost of drawn debt remains 3.5% despite base
rate rises, demonstrating the insulationprovided by the Company's
majority fixed rate debt which now represents 84% of drawn
facilities
1 Profit after tax excluding net gains or losses on investment
property divided by weighted average number of shares in issue.
2 Estimated rental value ("ERV") of let property divided by
total portfolio ERV.
3 NAV per share movement including dividends paid during the
Quarter.
4 Before costs.
5 Gross borrowings less cash (excluding rent deposits) divided
by portfolio valuation.
Richard Shepherd-Cross, Managing Director of Custodian Capital
Limited, said: "We believe strong recent leasing activity
demonstrates the resilience of Custodian REIT's well-diversified
investment portfolio and the depth of the occupational market, the
strength of the Company's balance sheet, low gearing and a
longer-term fixed rate debt profile will continue to support a high
income return strategy.
"Despite recent valuation decreases our active asset management
has enabled us to capture occupational demand, lease vacant space
and deliver rental growth which support earnings and underpin the
Company's fully covered dividend.
"Custodian REIT's prudent approach to investment and the
management of its balance sheet has left the Company well insulated
from the negative impact of interest rate rises continuing in the
short to medium-term. We also remain confident that our ongoing
intensive asset management of the portfolio will maintain cash flow
and support consistent returns. The current market volatility,
particularly in relation to valuations, further strengthens our
ongoing belief that earnings yield is the more reliable and
important measure of value as income supports the greater part of
total return." Net asset value
The unaudited NAV of Custodian REIT at 30 September 2022 was
GBP501.4m, reflecting approximately 113.7p per share, a decrease of
8.5p (7.0%) since 30 June 2022:
Pence per share GBPm
NAV at 30 June 2022 122.2 538.7
Valuation movements relating to:
- Asset management activity 0.3 1.4
- General valuation decreases (9.2) (40.6)
Net valuation movement (8.9) (39.2)
Profit on disposal 0.8 3.4
Acquisition costs (0.4) (1.8)
(8.5) (37.6)
EPRA earnings for the Quarter 1.4 6.4
Interim dividend paid6 during the Quarter (1.4) (6.1)
NAV at 30 September 2022 113.7 501.4
6 An interim dividend of 1.375p per share relating to the
quarter ended 30 June was paid on 31 August 2022.
The NAV attributable to the ordinary shares of the Company is
calculated under International Financial Reporting Standards and
incorporates the independent portfolio valuation at 30 September
2022 and net income for the Quarter. The movement in NAV reflects
the payment of an interim dividend of 1.375p per share during the
Quarter, but does not include any provision for the approved
dividend of 1.375p per share for the Quarter to be paid on 30
November 2022.
Investment Manager's commentary
UK property market
We believe strong recent leasing activity demonstrates the
resilience of Custodian REIT's well-diversified investment
portfolio and the depth of the occupational market, the strength of
the Company's balance sheet, low gearing and a longer-term fixed
rate debt profile will continue to support a high income return
strategy.
The investment market reached record highs in certain sectors
earlier this year as positive market sentiment pushed valuation
increases. That sentiment has recently reversed due primarily to
inflation, the rising cost of debt as well as global economic and
market uncertainty, with associated valuation decreases commencing
in August 2022. Certain sectors, particularly prime logistics, have
seen the most significant valuation increases over the last 12-18
months but pricing of Custodian REIT's smaller regional properties
never hit the heights of super-prime logistics, so we expect to see
a more correspondingly muted pricing correction as the market
reacts to current circumstances.
Custodian REIT has delivered a diversified portfolio strategy,
despite the recent trend for single sector investing. This has
enabled the acquisition of some prime high street retail properties
and strong, regional, city centre offices which have held their
value through the Quarter. When combined with a smaller regional
property strategy, the Company has assembled a portfolio comprising
165 properties with an average value of GBP4.2m and no one tenant
in any single property accounting for more than 1.5% of the
Company's rent roll. This spread significantly mitigates property
specific risk and tenant default risk.
The depth of the occupational market remains the backbone of
Custodian REIT's robust earnings and this was demonstrated by the
18 new leases signed during the first half adding GBP2.2m of annual
rent. During the Quarter, five new leases have been agreed securing
GBP0.4m rent for a further 6.3 years. This follows on from the
previous quarter where 13 new leases were agreed securing GBP1.8m
of rent for a further 6.8 years.
The Company has continued to see good levels of occupier
activity, with five new leases already signed since the Quarter end
and a strong pipeline of asset management and
refurbishment/redevelopment opportunities.
EPRA earnings per share of 1.4p showed an annualised earnings
yield7 of 5.8% at 30 September 2022 and 6.4% at the time of
writing. As pricing for listed property companies is increasingly
out of step with NAV, investors should look to earnings yield as a
more reliable measure of value and comparator between different
companies with differing strategies, as income supports the greater
part of total return. On this measure Custodian REIT rates very
strongly against its close peers, offering an annual dividend per
share of 5.5 pence, fully covered by net earnings, representing a
dividend yield8 of 5.7% at 30 September 2022 and 6.3% at the time
of writing.
Custodian REIT's loan-to-value at 30 September 2022 of 25.4% now
stands at 24.3% following post Quarter end sales. Of the Company's
GBP178m of drawn debt facilities 84% is at fixed rates of interest
and the balance is drawn on a variable rate revolving credit
facility. The weighted average term of drawn debt is 6.3 years and
the average cost of debt is 3.5%. Thanks to a strong balance sheet
with significant covenant headroom and no debt facility maturities
until September 2024 the Company is under no pressure to sell and
the relatively low cost of debt should remain accretive to earnings
through this phase of market turbulence.
7 Annualised EPRA earnings per share divided by the prevailing
share price (97.0p.at 30 September 2022, 87.8p at 8 November
2022).
8 Annual target dividend per share of 5.5p divided by
Quarter-end share price of 97.0p.
Asset management
The Investment Manager has remained focused on active asset
management during the Quarter, completing the following new leases
with a weighted average unexpired term to first break or expiry
("WAULT") of 6.2 years bringing the portfolio total to 4.8
years:
-- A new 20 year lease with a 15 year tenant break option to
Giggling Squid Restaurants on a vacant retailunit in Shrewsbury at
an annual rent of GBP80k, increasing valuation by GBP0.5m;
-- A new 10 year lease with a fifth year tenant break option to
CVS Vets on a vacant retail warehouse unitin Southport with an
annual rent of GBP48k, increasing valuation by GBP0.3m;
-- A new six year lease with a third year tenant break option to
CD Transport UK on a vacant industrial unitin Weybridge with an
annual rent of GBP219k, increasing valuation by GBP0.2m;
-- A five year lease renewal with a third year tenant break
option to Signet on a retail unit in Chesterwith an annual rent of
GBP68k, increasing valuation by GBP0.1m; and
-- An 8.5 year lease renewal without break to Leeds Building
Society on a retail unit in Colchester withannual rent of GBP30k,
increasing valuation by GBP0.1m.
During the Quarter the following rent reviews were settled
with:
-- Yesss Electrical on an industrial unit in Normanton with
annual rent increasing from GBP337k to GBP448k,increasing valuation
by GBP0.2m; and
-- Audi at a car showroom in Shrewsbury with annual rent
increasing from GBP198k to GBP203k, with no impact onvaluation.
The positive impact of letting vacant space has been partially
offset by offices in Castle Donington and a trade counter in Crewe
becoming vacant during the Quarter meaning in aggregate EPRA
occupancy is now 89.3% (30 June 2022: 88.7%). Of the Company's
remaining vacant space, 25.0% is currently under offer to sell or
let and a further 53.8% is planned vacancy to enable redevelopment
or refurbishment as illustrated below:
ERV
Number of assets % ERV % of vacancy
GBPm
Vacant assets:
- Undergoing or earmarked for refurbishment/redevelopment 11 2.8 5.7% 53.8%
- Under offer to sell or let 9 1.3 2.7% 25.0%
- Being marketed to let 11 1.1 2.3% 21.2%
5.2 10.7% 100%
Let property 134 43.4 89.3% N/a
Portfolio 165 48.6 100% N/a
Since the Quarter end the following initiatives have
completed:
-- A 10 year lease renewal to SCS Furniture on an industrial
unit in Livingston with annual rent increasingfrom GBP221k to
GBP282k. The agreement also involves some refurbishment work and
the Company constructing a 20k sqftextension of the property during
2023 which, once complete, will increase annual rent to GBP413k and
is expected toresult in an approximate GBP1.5m valuation
increase;
-- A new 25 year lease with a 15 year tenant break option to
Tenpin Bowling on a leisure park in Crewe withan annual rent of
GBP210k, increasing valuation by GBP0.9m;
-- A 15 year lease renewal to F1 Auto Centres on a trade counter
unit in Crewe with an annual rent of GBP25k,increasing valuation by
GBP0.3m;
-- A new 10 year lease with a fifth year tenant break option to
Rexel on an retail warehouse unit inGloucester with an annual rent
of GBP55k, increasing valuation by GBP0.3m; and
-- A new five year lease with mutual two and three year break
options to IJ Tours for additional space in anoffice building in
Manchester at an annual rent of GBP24k with no impact on
valuation.
The Company has a very strong pipeline of ongoing asset
management initiatives, including those detailed below, which we
expect to complete during the next 12 months and which are expected
to enhance earnings and deliver valuation increases in excess of
capital expenditure:
-- A GBP2m refurbishment is in progress of five floors of an
office block on Fountain Street, Manchesterinvolving developing a
roof terrace, installing a high-specification internal fit-out and
adding EV chargingpoints, air source heat pumps and tenant
wellbeing facilities. The refurbishment is expected to increase
rents atthe property from c. GBP20 per sqft towards c. GBP30 per
sqft. Once fully let, the refurbishment is expected toenhance
valuation by c. GBP3.0m - GBP4.0m;
-- A GBP6.5m redevelopment of a 60,000 sqft industrial unit in
Redditch which commenced in September 2022 tobuild a BREEAM
excellent, EPC A rated unit with solar panels covering the roof, EV
chargers, with the constructiontargeting net zero carbon. Annual
rent of the completed asset is expected to be c. GBP0.5m, with an
expected grossdevelopment profit of c. GBP2.0m;
-- An application has been submitted for planning at the
Company's Carlisle retail park for a 2,500 sq ftdrive-through
restaurant. A 20-year lease without break at an annual rent of
GBP80k has already been agreed and theexpected valuation increase
on completion is c. GBP1.4m; and
-- Discussions are at an advanced stage for new leases with
Tenpin Bowling on a vacant retail warehouse unitin Milton Keynes
and with CB Printforce regarding a lease renewal on an industrial
property in Biggleswade. Ifsuccessful, these initiatives are
expected to result in aggregate valuation increases of c.
GBP2.5m.
ESG
The Board recognises that its decisions have an impact on the
environment, people and communities and believes the Company's
property strategy and ESG aspirations create a compelling rationale
to make environmentally beneficial improvements to its property
portfolio.
EPC Rating
The Company is targeting, as a minimum, removal or improvement
of all 'D' EPC ratings by 2027 and all 'E' EPC ratings by 2025,
having achieved its initial objective to remove all 'F' and 'G' EPC
ratings by 31 March 2022.
The weighted average EPC score of the portfolio improved to 58
(C) from 60 (C) during the Quarter through the re-assessment of six
units with the average re-rating decreasing by 27 Energy Rating
Points.
Significant improvements in rating occurred through the:
-- Refurbishment and conversion of a former Pizza Hut restaurant
into a Tim Hortons drive-through inLeicester moving the EPC rating
from 87 (D) to 24 (A)
-- Refurbishment of a retail store in Chester improving the
rating from 103 (E) to 61 (C)
-- Refurbishment of an industrial unit in Avonmouth improving
the rating from 51 (C) to 29 (B)
Electric vehicle charging points
The Company is targeting, as a minimum, installation of EV
charging points across 100% of its freehold retail warehouse assets
by 2025.
During the Quarter we completed the installation of five twin
rapid 75kW chargers at retail warehousing sites for public use in
line with this environmental and social objective. The payback on
the Company's investment is anticipated to be realised within 4-5
years subject to energy market volatility. These installations
represent another step in our roll out of EV chargers with Pod
Point, having installed 11 twin fast 7kW chargers across three
office and industrial sites for tenants' use earlier this year. We
have a further 15 twin fast 7kW chargers and 10 twin rapid 75kW
charger installations in the pipeline and are actively assessing
further sites for both tenant and public use.
Fully covered dividend
The Company paid an interim dividend of 1.375p per share on 31
August 2022 relating to the quarter ended 30 June 2022. The Board
has approved another interim dividend per share of 1.375p for the
Quarter, fully covered by EPRA earnings, payable on 30 November
2022. The Board is targeting aggregate dividends per share9 of at
least 5.5p for the year ending 31 March 2023. The Board's objective
is to grow the dividend on a sustainable basis, at a rate which is
fully covered by net rental income and does not inhibit the
flexibility of the Company's investment strategy.
9 This is a target only and not a profit forecast. There can be
no assurance that the target can or will be met and it should not
be taken as an indication of the Company's expected or actual
future results. Accordingly, shareholders or potential investors in
the Company should not place any reliance on this target in
deciding whether or not to invest in the Company or assume that the
Company will make any distributions at all and should decide for
themselves whether or not the target dividend yield is reasonable
or achievable.
Further details on acquisitions
The five acquisitions undertaken by the Company for GBP26.55m
during the Quarter comprised:
-- A 91,955 sq ft distribution facility on Eurocentral
industrial estate between Edinburgh and Glasgow forGBP11.125
million let to Gist, a subsidiary of M&S, on a five year lease
with a third year break option. The annualrent is GBP623k
reflecting a net initial yield10 ("NIY") of 5.25% with an expected
reversionary yield11 of 7.0%.
-- Two retail warehouses covering an aggregate 40,077 sq ft in
Droitwich and Measham for GBP8.9m. Both unitsare let to DFS with an
aggregate WAULT of 8 years and aggregate annual passing rent of
GBP894k reflecting a NIY of9.43%;
-- A 47,882 sq ft industrial facility near Chesterfield let to
Container Components with 20 years remainingon the lease for GBP3.5
million. The property produces an index linked passing rent of
GBP227k per annum, reflecting aNIY of 6.10%; and
-- Two drive-through restaurants on Clifton Moor Retail Park,
York for GBP3.025m. The units are occupied byBurger King and KFC
franchisees with a WAULT of 9.7 years and an aggregate passing rent
of GBP163k per annum,reflecting a NIY of 5.07%.
10 Passing rent divided by property valuation plus purchaser's
costs.
11 Reversionary rent divided by purchase price plus assumed
purchaser's costs. Additional details on disposals
During the Quarter the Company sold a 44,187 sq ft warehouse and
distribution unit in Milton Keynes to a special purchaser for
GBP8.5m, reflecting a 67% premium to valuation and an aggregate
183% ahead of purchase price.
Since the Quarter end the Company has sold:
-- A shopping centre in Gosforth for GBP9.3m, which had been
part of the purchase of DRUM Income Plus REIT plcin November 2021,
for a 3.5% premium to the GBP8.975 million apportioned value of the
asset at purchase. Sinceacquisition, the asset has produced rental
income of c. GBP0.9m with the completion of several asset
managementactivities increasing occupancy and extending contractual
lease terms; and
-- An industrial unit in Kilmarnock at auction for GBP1.4m, 12%
ahead of valuation. The unit's environmentalcredentials did not fit
with the Company's ESG objectives and it was not considered
practical to mitigate theserisks.
Borrowings
Custodian REIT operates the following agreed borrowing
facilities:
-- A GBP40m RCF with Lloyds Bank plc expiring on 17 September
2024 with interest of between 1.5% and 1.8%above SONIA determined
by reference to the prevailing LTV ratio of a discrete security
pool. At 30 September 2022GBP38m was drawn under the RCF. The RCF
limit can be increased to GBP50m with Lloyds' consent;
-- A GBP20m term loan with Scottish Widows plc ("SWIP")
repayable on 13 August 2025 with interest fixed at3.935%;
-- A GBP45m term loan with SWIP repayable on 5 June 2028 with
interest fixed at 2.987%; and
-- A GBP75m term loan with Aviva comprising:? A GBP35m tranche
repayable on 6 April 2032 with fixed annual interest of 3.02%; ? A
GBP25m tranche repayable on 3 November 2032 with fixed annual
interest of 4.10%; and ? A GBP15m tranche repayable on 3 November
2032 with fixed annual interest of 3.26%.
The Company's weighted average cost of its drawn debt facilities
is 3.5% with 79% at a fixed rate of interest and a weighted average
maturity of 6.3 years. Disposals since the Quarter end have
increased the proportion of drawn debt which is at a fixed rate of
interest to 84% with weighted average cost remaining 3.5% despite
increases in base rate, demonstrating the insulation provided by
the Company's majority fixed rate debt strategy.
Each facility has a discrete security pool, comprising a number
of individual properties, over which the relevant lender has
security and covenants:
-- The maximum LTV of the discrete security pool is between 45%
and 50%, with an overarching covenant on theproperty portfolio of a
maximum 35% LTV; and
-- Historical interest cover, requiring net rental receipts from
each discrete security pool, over thepreceding three months, to
exceed 250% of the facility's quarterly interest liability.
Portfolio analysis
At 30 September 2022 the property portfolio comprised 165 assets
with a NIY of 5.9% (30 June 2022: 5.5%). The portfolio is split
between the main commercial property sectors, in line with the
Company's objective to maintain a suitably balanced investment
portfolio. Sector weightings are shown below:
Valuation
Quarter valuation
30 Sept movement
2022 Weighting by value 30 Quarter valuation Weighting by value 30
Sept 2022 GBPm movement Jun 2022
GBPm
Sector
Industrial 327.3 48% (22.6) (7.1%) 48%
Retail 147.3 22% (7.5) (6.0%) 21%
warehouse
Office 83.4 12% (5.0) (5.7%) 12%
Other12 77.2 11% (2.7) (3.5%) 11%
High street 50.2 7% (1.4) (2.8%) 8%
retail
Total 685.4 100% (39.2) (5.4%) 100%
12 Comprises drive-through restaurants, car showrooms, trade
counters, gymnasiums, restaurants and leisure units.
For details of all properties in the portfolio please see
custodianreit.com/property-portfolio.
- Ends -
Further information:
Further information regarding the Company can be found at the
Company's website custodianreit.com or please contact:
Custodian Capital Limited
Richard Shepherd-Cross / Ed Moore / Ian Mattioli MBE Tel: +44 (0)116 240 8740
www.custodiancapital.com
Numis Securities Limited
Hugh Jonathan / Nathan Brown Tel: +44 (0)20 7260 1000
www.numis.com/funds
FTI Consulting
Richard Sunderland / Ellie Sweeney / Andrew Davis Tel: +44 (0)20 3727 1000
custodianreit@fticonsulting.com
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 GBP15m 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 GBP15m, regional
properties, the Company seeks 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 custodianreit.com and
custodiancapital.com.
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ISIN: GB00BJFLFT45
Category Code: NAV
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.: 199698
EQS News ID: 1482369
End of Announcement EQS News Service
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