21 June 2016Custodian REIT acquires an £11.5 million portfolio of three properties
Custodian REIT is pleased to announce the acquisition of an £11.5 million portfolio of three properties (“the Portfolio”). The Portfolio comprises:
The Portfolio’s current passing rent of £0.99 million reflects a net initial yield of 8.04%, with an expected reversionary yield of 9.63%. The purchase price of £11.5 million was funded from the Company’s cash resources, following the drawdown of a new £45 million term loan on 6 June 2016. Net gearing following the acquisition has increased to 14.9%. Commenting on the transaction, Richard Shepherd-Cross, Managing Director of Custodian Capital Limited (the Company’s discretionary investment manager), said:
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