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Custodian Property Income REIT plc

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DGAP-UK-Regulatory News vom 04.06.2018

Custodian REIT plc : Purchase of Property

Custodian REIT plc (CREI)

04-Jun-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.



4 June 2018



Custodian REIT plc


("Custodian REIT" or "the Company")


Purchase of Property


Custodian REIT (LSE: CREI), the UK property investment company, is pleased to announce a further property purchase.


The Company has acquired a 77,242 sq ft health and fitness centre in Lincoln, prominently located on the A46 within a leading mixed use, out-of-town scheme with businesses in the immediate vicinity including Ibis Hotel, Fayre & Square and Frankie & Benny's.


The unit is let to Total Fitness Health Clubs Limited on a lease expiring on 22 June 2040, subject to a tenant-only break on 22 June 2035.  Current passing rent is £350,000 per annum reflecting a net initial yield1 of 7.64%.


The agreed purchase price of £4.3 million was funded from the Company's existing debt resources, resulting in net gearing2 increasing to 22.4% loan to value.


Commenting on the acquisition, Richard Shepherd-Cross, Managing Director of Custodian Capital Limited (the Company's discretionary investment manager), said:


"We are delighted to have acquired this high specification, purpose-built health and fitness centre in an established and prominent location with an unexpired lease term to first break of 17 years.  The tenant has recently undertaken an extensive internal refurbishment, highlighting its confidence in the continued performance of the location."


1 Portfolio passing rent divided by portfolio valuation plus estimated purchasers' costs.

2 Gross borrowings less unrestricted cash divided by last published property portfolio valuation.





For further information, please contact:


Custodian Capital Limited


Richard Shepherd-Cross / Nathan Imlach / Ian Mattioli MBE

Tel: +44 (0)116 240 8740


Numis Securities Limited


Nathan Brown / Hugh Jonathan

Tel: +44 (0)20 7260 1000




Ed Gascoigne-Pees

Tel: +44 (0)20 3757 4984


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 £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. 


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