11th Jul 2014 09:01
LONDON (Alliance News) - Custodian REIT PLC Friday said it has acquired a new 12,940 square foot industrial unit in Castleford for GBP1.6 million.
The company did not name the sellers.
The property is operated as a builder's merchant and is let to MKM Building Supplies Ltd on a 20-year lease, without break, expiring in 2034. The lease provides for five yearly rent reviews, with rental increases linked to the retail prices index.
Custodian REIT said the property is let at an initial rent of GBP110,000 a year, reflecting a net initial yield of 6.45%.
The new acquisition brings the total funds invested following Custodian's London initial public offering in March to GBP17.4 million.
Custodian REIT shares were untraded Friday morning; they were last quoted at 113.00 pence.
By Anthony Tshibangu; [email protected]; @AnthonyAllNews
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