Custodian REIT purchases industrial unit in Glasgow
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 £107.3 million.
The Company has acquired a 20,561 sq ft industrial unit on the Clydesmill Industrial Estate, Glasgow at junction 2A of the M74, providing excellent links to the Scottish motorway network.
The unit is let to Brenntag UK Limited on a lease expiring on 2 April 2021. Total passing rent is £197,996 per annum, reflecting a net initial yield of 8.75%.
The agreed purchase price of £2.138 million was funded from the Company’s existing credit facilities, with net borrowings following the acquisition of 11.4% loan to value.
Commenting on the acquisition, Richard Shepherd-Cross, Managing Director of Custodian Capital Limited (the Company’s external fund manager), said:
“The unit’s location and excellent motorway connections allow Scotland and the North of England to be serviced from this facility. The tenant has invested significantly in the unit to meet its operational requirements giving confidence in the long term intentions for this property“.
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