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Custodian REIT acquires retail warehouse in Plymouth

07 September 2017 08:20

Custodian REIT has acquired a 35,000 sq ft retail warehouse on Transit Way Retail Park, Plymouth, near the A38 Devon Expressway.

The site comprises two units occupied by Magnet and B&M, with nearby retailers including Argos, Tesco, Lidl and Matalan. The units' leases expire on 26 January 2027 and 20 August 2027 respectively with a total passing rent of £400,000 per annum, reflecting a net initial yield1 of 6.79%.

The agreed purchase price of £5.525 million was funded from the company's existing cash resources, resulting in net gearing increasing to 21.1% loan to value.

At 8:20am: (LON:CREI) Custodian Reit Plc share price was -0.5p at 114.5p

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Related Company: CREI

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