27 May 2014
Custodian REIT plc acquires car dealership in Peterborough
Custodian REIT plc is pleased to announce the completion of its second property purchase following its initial placing and admission to the Main Market on the London Stock Exchange.
Custodian REIT plc has acquired a well-established Toyota car dealership on Mallory Road, Peterborough. The property comprises a 25,724 sq ft showroom and workshop on a 1.62 acre site. The property is located on a busy motor park, close to the city centre where other motor dealerships franchisees are available. This include Jaguar, Land Rover, Volvo, Suzuki, Peugeot, Vauxhall and Honda.
The property is let to Marshall Motor Group Limited with an unexpired lease term of five years. The property is let at a passing rent of £225,500 per annum, reflecting a net initial yield of 8.5%. The purchase consideration of £2.5 million was funded from the Company’s own cash resources.
Richard Shepherd-Cross, Managing Director of Custodian Capital Limited and fund manager of Custodian REIT, said: “This acquisition further strengthens the tenant mix of the portfolio, bringing sector diversification and enhancing income to support the target return.”
For information, please visit Custodian REIT’s property portfolio.
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