1st Apr 2015 07:39
LONDON (Alliance News) - Custodian REIT PLC Wednesday said it has bought two more industrial units for a total of GBP6.4 million, meaning it has invested GBP107.3 million of funds since its initial public offering in March 2014.
The UK property investment company said it has bought a 71,130 square foot industrial unit in Ashby de-la-Zouch, Leicestershire for GBP4.3 million, and a 20,561 square foot industrial unit in Glasgow for GBP2.1 million.
Both acquisitions were funded from existing credit facilities, bringing its net borrowings to 11.4% loan to value.
The Ashby de-la-Zouch unit is let to Teleperformance Ltd on a lease expiring on March 31, 2018. Total passing rent is GBP465,000 a year, reflecting a net initial yield of 10.22%
The Glasgow unit is let to Brenntag UK Ltd on a lease expiring on April 2, 2021. Total passing rent is GBP197,996 a year, reflecting a net initial yield of 8.75%.
Custodian REIT shares were flat at 109.50 pence early Wednesday.
By Steve McGrath; [email protected]; @stevemcgrath1
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