Custodian REIT purchases industrial unit in Ashby de-la Zouch
1 April 2015
Custodian REIT, the UK property investment company, is pleased to announce a further property purchase, bringing the total funds invested following its initial placing and admission to the Official List on 26 March 2014 to £105.2 million.
The Company has acquired a 71,130 sq ft industrial unit on Ashby Park, Ashby de-la-Zouch, Leicestershire, located at junction 13 of the A42 which links the M1 and M6.
The unit is let to Teleperformance Limited on a lease expiring on 31 March 2018. Total passing rent is £465,000 per annum, reflecting a net initial yield of 10.22%.
The agreed purchase price of £4.3 million was funded from the Company’s existing credit facilities, with net borrowings following the acquisition of 10.5% loan to value.
Commenting on the acquisition, Richard Shepherd-Cross, Managing Director of Custodian Capital Limited (the Company’s external fund manager), said:
“Ashby Park is a well-recognised distribution location in the ‘Golden Triangle’ and its multinational tenants include McVities and Siemens. The market is experiencing significant demand for industrial units in this area which will leave Custodian REIT in a strong position at lease renewal in 2018.“
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