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Custodian REIT buys distribution unit

15 June 2017 07:35

Custodian REIT has acquired a 69,922 sq ft distribution unit on Eurocentral, Scotland's leading mixed-use business park on the M8 arterial route between Glasgow and Edinburgh.

Nearby occupiers include DHL, Warburtons, Argos, Wincanton, Norbert Dentressangle and Morrisons.

The unit is let to Next on a lease expiring on 6 March 2019.

Custodian REIT said the current passing rent was £349,850 per annum reflecting a net initial yield of 6.91%, with an expected reversionary yield of circa 7.9%.

Custodian REIT said the agreed purchase price of £4.75m was funded from the company's existing cash resources, resulting in net gearing increasing to 18.6% loan to value.

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Related Company: CREI

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