Custodian REIT purchases two industrial units in Leeds
20 March 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 £96.6 million.
The Company has acquired two industrial units in Leeds occupying 41,077 sq ft, with excellent links to the M1 and M621.
The units are let to Nationwide Crash Repair Centres Limited and Sovereign Air Movement Limited on leases expiring on 24 December 2020 and 15 April 2021 respectively, with total passing rent of £187,500 per annum, reflecting a net initial yield of 7.51%.
The agreed purchase price of £2.36 million was funded from the Company's cash resources, with net borrowings following the acquisition of 7.1% loan to value.
Commenting on the acquisition, Richard Shepherd-Cross, Managing Director of Custodian Capital Limited (the Company's external fund manager), said:
"In this increasingly competitive market, we are very pleased to have made another strong addition to the industrial sector of the portfolio. The property is centrally located adjacent to the Leeds ring road. There is a severe shortage of quality industrial units in the city which will result in minimal re-letting voids and future rental growth."
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