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2021-11-02

Custodian REIT plc : Disposal of Property

Custodian REIT plc (CREI)
Custodian REIT plc : Disposal of Property

02-Nov-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.


 

 

2 November 2021

 

 

Custodian REIT plc

 

("Custodian REIT" or the "Company")

 

Disposal of Property

 

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 22,720 sq ft car showroom in Stafford for £4.9 million, £1.15 million (31%) ahead of the 30 June 2021 valuation, representing a net initial yield1 of 5.8%.

 

The property is let to VW Group UK Limited and was purchased in July 2018 for £4.55 million.  Following the disposal, net gearing2 has decreased to 18.5%.

 

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

 

"Having generated a good level of income during three years of ownership and with the current lease expiring in 2024, we accepted an offer from a special purchaser to crystallise a profit and be able to reinvest the sale proceeds in assets with better rental growth prospects."

 

1 Passing rent divided by sale price plus estimated purchasers' costs.

2 Gross borrowings less cash (excluding rent deposits and retentions) divided by last published property portfolio valuation.

 

- 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

 

Camarco

 

Ed Gascoigne-Pees

Tel: +44 (0)20 3757 4984

 

www.camarco.co.uk

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