Custodian REIT purchases industrial unit at Glasgow International Airport
2 July 2015
Custodian REIT, the UK property investment company, is pleased to announce a further property purchase.
The Company has acquired a 16,143 sq ft industrial unit at Glasgow International Airport let to DHL Global Forwarding (UK) Limited on a lease expiring on 31 March 2020. Net passing rent is £92,385 per annum, reflecting a net initial yield of 7.08%. Other logistics occupiers at the airport include UPS and Expeditors.
The agreed purchase price of £1.233 million was funded from the Company’s existing credit facilities, with net borrowings following the acquisition of 17.2% loan to value.
Commenting on the acquisition, Richard Shepherd-Cross, Managing Director of Custodian Capital Limited (the Company’s discretionary investment manager), said:
“The unit is situated at Glasgow International Airport, one of the UK’s busiest airports serving its fourth largest city by population. This is an ideal location for DHL being adjacent to both the airport and the M8 motorway, only 7.5 miles west of the city centre. It comprises one of only a handful of similar units at the airport. Priced to reflect a net initial yield of over 7% this is another example of the relative value of small lot size property”.
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