16th Sep 2019 13:20
(Alliance News) - Custodian REIT PLC said Monday it has sold a city centre office and retail unit in Edinburgh for GBP9.1 million.
The real estate investment trust sold the 39,279 square feet unit at a price in line with its book value as at June 30, having acquired the Scottish property as part of a portfolio in January 2016.
"Following the completion of a refurbishment and various asset management initiatives, which increased the weighted average unexpired lease term to expiry to 8.7 years, we anticipated limited opportunities for future rental growth and believe the disposal proceeds can be redeployed on property with better income and capital growth prospects," said Richard Shepherd-Cross, managing director of investment manager Custodian Capital Ltd.
Shares in Custodian REIT were down 0.5% at 115.60 pence on Monday.
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