31 October 2024
Custodian
Property Income REIT plc
(“Custodian Property Income REIT”
or the “Company”)
Custodian
Property Income REIT sells office unit at 33% premium to
valuation
Custodian Property Income REIT
(LSE: CREI), which seeks to deliver a strong income return by
investing in a diversified portfolio of smaller regional properties
across the UK, is pleased to announce the disposal of a vacant
office unit in Solihull for £1.4m, representing a 33% premium to
the 30 June 2024 valuation.
Commenting on the
disposal, Richard Shepherd-Cross, Managing Director of Custodian
Capital Limited, said: “This office was acquired in early 2015
and has provided the Company with a stable income stream over the
nine years of ownership, delivering an average yield of circa 7%.
Given limited opportunities for future rental growth and in-line
with our strategy, we felt that now was the right time to sell and
crystallise a profit for our shareholders. The sale demonstrates the continued demand for
smaller lot sized regional assets, particularly from owner
occupiers, and we expect to use the sale proceeds to repay variable
rate debt, which will further reduce our interest costs. It also
allows the Company to fund improvements to the remaining portfolio
which aligns with our strategy of providing shareholders with
strong income returns.”
- 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 / Nathan
Brown
|
Tel: +44 (0)20 7260 1000
|
|
|
www.numiscorp.com
|
|
FTI
Consulting
|
|
|
Richard Sunderland / Ellie Sweeney
/ Andrew Davis
|
Tel: +44 (0)20 3727 1000
|
|
|
custodianreit@fticonsulting.com
|
Notes to
Editors
Custodian Property Income 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 throughout the UK and is principally characterised by
smaller, regional, core/core-plus properties.
The Company offers investors the
opportunity to access a diversified portfolio of UK commercial real
estate through a closed-ended fund. By principally targeting smaller, regional,
core/core-plus 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.