20 August 2014
Custodian REIT purchase retail warehouse in Milton Keynes
Custodian REIT is pleased to announce a further property purchase, bringing the total funds invested following its initial placing and admission to the Main Market of the London Stock Exchange on 26 March 2014 to £43.8 million.
The company has acquired the freehold interest of a retail warehouse at 1 Grafton Gate East, Milton Keynes. The property is let to Staples UK Limited and Staples International Inc. on a lease expiring 28 September 2020.
Staples is one of the UK’s leading stationary and office suppliers with over 110 stores throughout the UK.
The current passing rent is £418,886 per annum, reflecting a net initial yield of 6.95%. The purchase consideration of £5.725 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.
“We understand this prominent retail warehouse in central Milton Keynes is amongst Staples’ best performing stores in the UK. It represents good value against historical retail warehouse yields and adds another high quality asset to the fund.”
For more information on investments, please visit Custodian REIT’s property portfolio.
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