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09.01.2024 08:00:11
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Custodian Property Income REIT plc: Disposal of Property
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Custodian Property Income REIT plc (CREI)
9 January 2024
Custodian Property Income REIT plc
(“Custodian Property Income REIT” or the “Company”)
Disposal of Property
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 16,869 sq ft office in Derby for £2.05m, 36% ahead of the 30 September 2023 valuation.
Commenting on the disposal, Richard Shepherd-Cross, Managing Director of Custodian Capital Limited (the Company’s external fund manager), said: “This office was acquired as part of the Company’s IPO portfolio in 2014 and has provided the Company with a healthy level of income over nine years of ownership. Given limited opportunities for further rental growth and in line with our strategy, we felt that now is the right time to sell. We expect to use the sale proceeds to repay variable rate debt and fund accretive improvements in the remaining portfolio, both of which we believe will better support the strategy of providing our shareholders with strong income returns.”
- Ends -
For further information, please contact:
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. |
| ISIN: | GB00BJFLFT45 |
| Category Code: | MSCH |
| 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.: | 296164 |
| EQS News ID: | 1810455 |
| End of Announcement | EQS News Service |
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