IN BRIEF: Custodian Property agrees sale of Gilllingham petrol station
Custodian Property Income REIT - Leicester-based real estate investment trust company - Disposes of a petrol filling station in Gillingham to a "special purchaser" for GBP3.8 million. Custodian says the price for the petrol station, located on Beechings Way, Gillingham, represents an 8% premium to its June 30 valuation. The property is let to a single tenant with an annual passing of GBP300,000. Managing Director Richard Shepherd-Cross says now is the right time to "crystallise" the 8% premium on the property, which has "provided a strong level of income over almost 12 years of ownership." Shepherd-Cross says the disposal demonstrates the company's ability to complete sales above book value. "We expect to use the sale proceeds to fund accretive capital expenditure, which aligns with our strategy of providing shareholders with strong income returns," he adds. Read More