DJ Custodian Property Income REIT plc: Custodian Property Income REIT sells office unit at 33% premium to valuation
Custodian Property Income REIT plc (CREI)
Custodian Property Income REIT plc: Custodian Property Income REIT sells office unit at 33% premium to valuation
31-Oct-2024 / 07:00 GMT/BST
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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 GBP1.4m, 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.
----------------------------------------------------------------------------------------------------------------------- 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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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.: 356135 EQS News ID: 2019255 End of Announcement EQS News Service =------------------------------------------------------------------------------------
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(END) Dow Jones Newswires
October 31, 2024 03:00 ET (07:00 GMT)
