8 March 2016
Custodian REIT acquires the 34,121 sq ft St. Catherine’s Leisure Park in Perth
Custodian REIT is pleased to announce a further property purchase.
The Company has acquired the 34,121 sq ft St. Catherine’s Leisure Park in Perth, comprising three units let to Bannatyne Fitness Limited, Scotco (Eastern) Limited (trading as KFC) and The Restaurant Group (UK) Limited (trading as Frankie and Benny’s). The park is within walking distance of the town centre and railway station, and is adjacent to St. Catherine’s Retail Park, whose occupiers include Curry’s PC World, Dunelm Mill, Halfords, Home Bargains, Maplin, Sports Direct and T K Maxx.
The units’ leases expire between July and August 2026 with a current passing rent of £389,115 per annum in aggregate, reflecting a net initial yield of 8.17%.
The agreed purchase price of £4.5 million was funded from the Company’s existing debt facilities, resulting in net borrowings increasing to 20.2% loan to value.
Commenting on the acquisition, Richard Shepherd-Cross, Managing Director of Custodian Capital Limited (the Company’s discretionary investment manager), said:
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