Custodian REIT plc (CREI)
Custodian REIT plc: Disposal of Property
16-Sep-2019 / 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.
16 September 2019
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 39,279 sq ft city centre office and retail unit in
Edinburgh for GBP9.1 million1, in line with the 30 June 2019 valuation, having
acquired the property as part of a portfolio in January 2016.
Following the disposal, net gearing2 has decreased to 21.1%.
Commenting on the disposal Richard Shepherd-Cross, Managing Director of
Custodian Capital Limited (the Company's external fund manager), said:
"Following the completion of a refurbishment and various asset management
initiatives, which increased the weighted average unexpired lease term to
expiry to 8.7 years, we anticipated limited opportunities for future rental
growth and believe the disposal proceeds can be redeployed on property with
better income and capital growth prospects."
1 Before rent top-ups and cost guarantees relating to vacant space of circa
GBP0.3 million.
2 Gross borrowings less unrestricted cash divided by last published property
portfolio valuation.
- Ends -
For further information, please contact:
Custodian Capital Limited
Richard Shepherd-Cross / Nathan Tel: +44 (0)116 240 8740
Imlach / Ian Mattioli MBE
www.custodiancapital.com [1]
Numis Securities Limited
Nathan Brown / 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 plc 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 GBP10 million 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 GBP10 million 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 [2] and
www.custodiancapital.com [1].
ISIN: GB00BJFLFT45
Category Code: MSCL
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.: 20094
EQS News ID: 873709
End of Announcement EQS News Service
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2: https://link.cockpit.eqs.com/cgi-bin/fncls.ssp?fn=redirect&url=44eae66ce326b2005a19503bbab5faed&application_id=873709&site_id=vwd&application_name=news
(END) Dow Jones Newswires
September 16, 2019 02:00 ET (06:00 GMT)
© 2019 Dow Jones News
