15 May 2025
Custodian Property Income REIT plc
(“Custodian Property Income REIT” or the “Company”)
Disposal of Properties at or above book value
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 two office buildings in Cheadle for an aggregate £6.9m.
5500 Lakeside, which is 66% let, was sold for £4.0m in line with the 31 December 2024 valuation, while the disposal of Wienerberger House, which is fully let, was achieved at a 10% premium to the valuation at the same date. The assets had both been acquired as part of portfolio acquisitions in November 2021 and May 2016, respectively.
Commenting on the disposals, Richard Shepherd-Cross, Managing Director of Custodian Capital Limited, said: “Whilst we have received a healthy level of income across both properties, due to market sentiment in the out-of-town office sector, we believe that there is limited scope for future rental growth and we felt that now is the right time to sell. The transactions once again prove our ability to make sales at or above book valuation and we expect to use the proceeds to repay variable rate debt, aligning with our strategy of providing shareholders with strong income returns.”
- Ends -
Further information:
Further information regarding the Company can be found at the Company's website custodianreit.com or please contact:
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Custodian Capital Limited
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Richard Shepherd-Cross – Managing Director
Ed Moore – Finance Director
Ian Mattioli MBE DL – Chairman
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Tel: +44 (0)116 240 8740
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www.custodiancapital.com
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Numis Securities Limited
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Hugh Jonathan / George Shiel
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Tel: +44 (0)20 7260 1000
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www.numis.com/funds
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Notes to Editors
Custodian Property Income REIT plc is a UK real estate investment trust, which listed on the main market of the London Stock Exchange on 26 March 2014. Its portfolio comprises properties predominantly let to institutional grade tenants throughout the UK and is principally characterised by smaller, regional, core/core-plus properties.
The Company offers investors the opportunity to access a diversified portfolio of UK commercial real estate through a closed-ended fund. By principally targeting smaller, regional, core/core-plus properties, the Company seeks to provide investors with an attractive level of income with the potential for capital growth.
Custodian Capital Limited is the discretionary investment manager of the Company.
For more information visit custodianreit.com and custodiancapital.com.
