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8 May 2018 07:01
Custodian REIT plc (CREI) Custodian REIT plc : Disposal of Property 08-May-2018 / 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.
8 May 2018
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 15,229 sq ft five-unit retail development in Stourbridge for £2.25 million, in line with the 31 March 2018 valuation.
The property was part of the initial portfolio acquired on the Company's admission to the London Stock Exchange in 2014. The Company intends to use the proceeds from the disposal to fund acquisitions better aligned to its stated investment strategy.
Commenting on the disposal, Richard Shepherd-Cross, Managing Director of Custodian Capital Limited (the Company's external fund manager), said:
"We believe this asset is no longer aligned with the strategy of the Company. While the property has delivered consistent cash flow from excellent tenants, supporting the dividend policy, we are not confident of future rental growth potential and believe disposal proceeds can be redeployed on property with greater prospects for income and capital growth."
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Notes to Editors
Custodian REIT 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 £10m 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 £10m 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 and www.custodiancapital.com.
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| ISIN: | GB00BJFLFT45 |
| Category Code: | DIS |
| TIDM: | CREI |
| OAM Categories: | 3.1. Additional regulated information required to be disclosed under the laws of a Member State |
| Sequence No.: | 5506 |
| EQS News ID: | 682749 |
| End of Announcement | EQS News Service |
UK Regulatory announcement transmitted by DGAP - a service of EQS Group AG. The issuer is solely responsible for the content of this announcement.