16th Jun 2014 08:23
LONDON (Alliance News) - Custodian REIT PLC Monday said it has bought its third property since listing in London in March, a distribution warehouse near the A1 dual carriageway on the south side of Biggleswade in Bedfordshire for nearly GBP3.8 million.
The real estate investment trust said the property comprises a 49,919 square foot distribution warehouse on a 2.87 acre site. The property is let to Turpin Distribution Services Ltd, which has rented it since it was built in 2004 and has just agreed a new five-year lease expiring on 24 March 2019.
The property is let at a passing rent of GBP300,000 a year, reflecting a net initial yield of 7.5%. The purchase price was funded from Custodian REIT's own cash resources, it said.
Other occupiers on the 48 acre Stratton business park where the warehouse is located include Bibby Distribution, iCandy, Jordans, Kramp and Liebherr.
Custodian REIT shares last traded at 110.25 pence in London.
By Steve McGrath; [email protected]; @SteveMcGrath1
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