- Oops!Something went wrong.Please try again later.
Custodian REIT plc (CREI)
25 May 2021
Custodian REIT plc
("Custodian REIT" or the "Company")
Disposal of Properties
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 retail unit in Nottingham at auction for £0.7m, in line with the most recent valuation.
A lease renewal had recently been completed with The White Company on a five year lease with 2.5 year tenant only break option with annual rent decreasing from £140k to £65k. The disposal has reduced the Company's high street retail sector weighting by income from 10% to 9%.
Commenting on the disposal, Richard Shepherd-Cross, Managing Director of Custodian Capital Limited (the Company's external fund manager), said:
"This asset was not aligned with the strategy of the Company as we did not anticipate future rental recovery. We expect to invest the sale proceeds in higher quality assets with greater prospects for income and capital growth, better supporting the Board's objective of increasing dividends in a sustainable way."
- Ends -
For further information, please contact:
Notes to Editors
Custodian REIT 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 £10m 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 £10m 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.
3.1. Additional regulated information required to be disclosed under the laws of a Member State
EQS News ID:
End of Announcement
EQS News Service