2nd Jul 2015 07:50
LONDON (Alliance News) - Custodian REIT PLC Thursday said it has acquired for GBP1.2 million an industrial unit at Glasgow International Airport let to DHL Global Forwarding (UK) Ltd on a lease expiring at the end of March 2020.
The acquisition, which was funded from the company's existing credit facilities, with net borrowings following the acquisition of 17.2% loan to value.
With net passing rent of GBP92,385, the 16,143 square foot unit gives a net initial yield of 7.08%.
"This is an ideal location for DHL being adjacent to both the airport and the M8 motorway, only 7.5 miles west of the city centre. It comprises one of only a handful of similar units at the airport," Richard Shepherd-Cross, Managing Director of Custodian Capital Ltd, the company's investment manager, said in a statement.
Custodian REIT shares were untraded on Thursday morning. The stock last traded at 108 pence.
By Samuel Agini; [email protected]; @samuelagini
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