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Custodian REIT plc : Disposal of Properties

·2-min read

Custodian REIT plc (CREI)
29-Jan-2021 / 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.

 

 

29 January 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 four properties from its portfolio. 

 

The Company has sold retail properties at auction in Chester, Scarborough, Bedford and Llandudno for an aggregate £1.6m, in line with the most recent valuations. 

 

The properties were originally acquired within larger portfolios in 2014 and 2015.  The Chester unit is currently vacant, the Scarborough and Bedford units are let on three-month rolling leases at below market rents and the Llandudno unit is significantly over-rented with expiry in May 2022.  These disposals have reduced the Company's high street retail sector weighting from 11% to 10%.

 

Commenting on the disposals, Richard Shepherd-Cross, Managing Director of Custodian Capital Limited (the Company's external fund manager), said:

 

"These assets were not aligned with the strategy of the Company as we did not anticipate future rental growth.  We have already invested 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:

 

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

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 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. 

 

For more information visit www.custodianreit.com and www.custodiancapital.com.

 

 


ISIN:

GB00BJFLFT45

Category Code:

MSCU

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.:

92438

EQS News ID:

1163967


 

End of Announcement

EQS News Service

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