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Custodian REIT sells three properties

18 September 2017 07:44

Custodian REIT has sold three properties from its portfolio and said it would use the proceeds to fund acquisitions better aligned to its long term investment strategy.

The company has sold an 8,326 sq ft retail unit within a six unit block on High Street, Colchester for £4.25m, £0.7m ahead of the end of June valuation.

The unit was recently let to and refurbished by Metro Bank plc on a lease expiring in 2041 and its sale crystallises the value created by agreeing the new lease.

The company has sold a 9,332 sq ft multi-tenanted retail parade on High Street, Redcar for £0.6m, £0.1m ahead of the end of June valuation.

This property was part of the initial portfolio acquired on the company's admission to the London Stock Exchange in 2014 but the property was considered sub-scale within the portfolio and following an asset management program, the opportunity to sell at a price in excess of valuation was created.

And the company has sold a 15,330 sq ft multi-tenanted industrial estate on Brindley Road, Hinckley for £1.2m, £0.2m ahead of the end of June valuation.

This property was also acquired as part of the IPO portfolio.

Over the last two years rents have increased and all units have been let, securing a profit on exit.

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Related Company: CREI

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