12th Aug 2014 08:33
LONDON (Alliance News) - Custodian REIT PLC said Tuesday that it has acquired the freehold interest of 15 St Peter's Gate in Nottingham for GBP1.7 million, funded through its existing credit facilities.
The UK property investment company said the high street retail unit is currently let to The White Company (UK) Ltd on a 10 year lease, expiring 30 June 2020. The current passing rent is GBP140,000 per annum, reflecting a net initial yield of 7.75%.
Custodian REIT said the purchase was funded through its existing credit facilities, in line with the stated investment strategy of a target gearing ratio of 25% loan to value.
The acquisition brings the total funds invested following its initial public offering on March 26, 2014 to GBP38.1 million.
Shares in Custodian REIT were Tuesday morning trading 0.29% higher at 105.81 pence per share.
By Alice Attwood; [email protected]; @AliceAtAlliance
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