Custodian REIT plc : Disposal of Property
21 May 2020
Disposal of Property
The Company has sold a 20,280 sq ft industrial warehouse unit in Westerham for £2.8 million,
The property was purchased in September 2016 for £1.6 million as part of a 10 property portfolio. Following the disposal, net gearing2 has decreased to 22.4%.
Commenting on the disposal,
"A special purchaser was identified for this property in 2019. The disposal completed at the price agreed before the COVID-19 pandemic hit, reflecting a 4.50% net initial yield, which crystallised a profit and improved the Company's liquidity position. We expect the proceeds to be deployed on better yielding assets once markets stabilise."
1 Passing rent divided by sale price plus estimated purchasers' costs.
2 Gross borrowings less cash (excluding rent deposits and retentions) divided by last published property portfolio valuation.
- Ends -
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Notes to Editors
The Company offers investors the opportunity to access a diversified portfolio of
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