Disposal of Property

Custodian Property Income REIT plc (CREI) Custodian Property Income REIT plc: Disposal of Property 17-Sep-2024 / 07:00 GMT/BST

 

17 September 2024

 

Custodian Property Income REIT plc

 

(“Custodian Property Income REIT” or the “Company”)

 

Disposal of Property

 

Custodian Property Income REIT (LSE: CREI), which seeks to deliver a strong income return by investing in a diversified portfolio of smaller regional properties across the UK, is pleased to announce the disposal of a vacant office unit in Castle Donington for £1.75m, in line with the 30 June 2024 valuation, having acquired the property as part of a portfolio in June 2016.

 

Commenting on the disposal, Richard Shepherd-Cross, Managing Director of Custodian Capital Limited, said: “Following the exit of the tenant at lease expiry, substantial refurbishment would be needed to secure a new letting and maintain the rental level which we did not believe would be cost effective. The sale demonstrates the continued demand for smaller lot sized regional assets, particularly from owner occupiers, and we expect to use the sale proceeds to repay variable rate debt, which aligns to our strategy of providing shareholders with strong income returns.”

 

- Ends -

 

For further information, please contact:

 

Custodian Capital Limited
Richard Shepherd-Cross / Ed Moore / Ian Mattioli MBE	Tel: [phone]