16 May 2016
Custodian REIT disposes of a property from its portfolio
Custodian REIT is pleased to announce the disposal of a property from its portfolio.
The Company has sold a purpose-built student residential building in Lenton, Nottingham for £1.2 million, ahead of cost and 31 March 2016 valuation. The property was fully let for the next academic year prior to marketing.
The property was part of the initial portfolio acquired on the Company’s admission to the London Stock Exchange in 2014. Following the disposal and placing of new shares announced on 13 May 2016, net borrowings have decreased to 12.2% loan to value. The Company intends to use the proceeds from the disposal to fund acquisitions better aligned to its stated investment strategy.
Commenting on the disposal, Richard Shepherd-Cross, Managing Director of Custodian Capital Limited (the Company’s discretionary investment manager), said:
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