12 August 2014
Custodian REIT acquire high street retail unit in Nottingham
Custodian REIT is delighted to announce a further property purchase in Nottingham, bringing the total funds invested following its initial placing and admission to the Main Market of the London Stock Exchange to £38.1 million.
Custodian REIT has acquired the freehold interest of 15 St Peter’s Gate, Nottingham. The high street retail unit is let to The White Company (UK) Limited on a ten year lease, expiring 30 June 2020.
The White Company (UK) Limited trades from over 50 units throughout the UK. The current passing rent is £140,000 per annum, reflecting a net initial yield of 7.75%. The purchase consideration of £1.710 million was funded from the company’s existing credit facilities, in line with the stated investment strategy of a target gearing ratio of 25% loan to value.
“The acquisition of the St Peter’s Gate premises represents excellent value for money with the property’s location in close proximity to Bridlesmith Gate likely to see strong occupier demand should it ever become vacant”.
For more information on investments, please visit Custodian REIT’s property portfolio.
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