4 December 2018Custodian REIT acquires 44,844 sq ft Retail Park in Weymouth
Custodian REIT (LSE: CREI), the UK property investment company, is pleased to announce a further property purchase. The Company has acquired the 44,844 sq ft Jubilee Close Retail Park in Weymouth, comprising three units occupied by B&Q, Halfords and Sports Direct with nearby retailers including Currys, KFC and Matalan. The units’ have a weighted average unexpired lease term to first break or expiry of 7.8 years. Current aggregate passing rent is £803,000, reflecting a net initial yield¹ of 6.97%. The agreed purchase price of £10.8 million was funded from the Company’s existing debt resources, resulting in net gearing² increasing to 25.5% loan to value. Commenting on the acquisition, Richard Shepherd-Cross, Managing Director of Custodian Capital Limited (the Company’s discretionary investment manager), said: “Despite the investment market’s aversion to the retail sector, we believe that these occupiers will continue to prosper despite challenges from on-line sales and with nearly 8 years contractual income, strong trading performances and a 7% initial yield, this property meets our investment criteria. “We believe well located retail warehouse properties which either do not compete with on-line retailing or are complementary, through offering easy click and collect services, will remain in demand despite the current restructuring of the retail market.” ¹ Passing rent divided by valuation plus assumed purchasers’ costs. | Latest News12 Jun 2025 Strong operational performance driving earnings growth and portfolio valuation uplift 02 Jun 2025 All-share Acquisition of £22m Property Portfolio 15 May 2025 Disposal of Properties at or above book value 08 May 2025 19 Mar 2025 Presentation: Richard-Shepherd Cross presents at ‘Shares Magazine’ event on 12 March 2025 ![]() |