22nd Jun 2015 07:46
LONDON (Alliance News) - Property investor Custodian REIT PLC on Monday said it has acquired a mixed-use portfolio of ten properties for GBP14.6 million.
The portfolio includes six high street shops and four industrial units, located in Chester, St Albans, Bristol, Farnborough and Kettering. The portfolio's current passing rent of GBP1.12 million reflects a net initial yield of 7.27%, Custodian said.
"Custodian REIT's investment strategy of targeting small lot size property makes this portfolio an excellent fit. Despite widespread price inflation in the market, the Company's strategy is proving resilient in delivering a high income return from a well-diversified portfolio, in locations with low vacancy rates that have future rental growth potential," said Richard Shepherd-Cross, managing director of Custodian Capital Ltd, the company's external fund manager.
Shares in Custodian were down 0.1% to 108.45 pence on Monday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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