Custodian REIT Sells Chepstow Property for GBP 4.63m.
M2 EQUITYBITES-December 13, 2017-Custodian REIT Sells Chepstow Property for GBP 4.63m
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13 December 2017 - UK property investment company Custodian REIT plc (LSE: CREI) has sold a 82,081 sq ft multi-let industrial estate in Chepstow for GBP 4.63m (USD 6.17m), the company said.
Custodian said the price is around GBP 0.9m ahead of valuation and representing a net initial yield on sale price1 of 6.75%.
The property was purchased in January 2016 as part of a portfolio and comprises 11 units with a weighted average unexpired lease term to first break or expiry of circa three years.
Custodian said it plans to use the proceeds from the disposal to fund acquisitions better aligned to its investment strategy.
Custodian REIT is a UK real estate investment trust whose portfolio comprises properties predominantly let to institutional grade tenants on long leases throughout the UK and is characterised by properties with individual property values of less than GBP 10m at acquisition.
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|Publication:||M2 EquityBites (EQB)|
|Date:||Dec 13, 2017|
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